EIA: US crude inventories down 6% from 5-year average
Friday, July 22, 2022
U.S. crude oil inventories decreased 400,000 bbl week-over-week for the week ended July 15, the Strategic Petroleum Reserve, according to the Energy Information Administration.
The drop left U.S. crude oil inventories about 6% below the 5-year average for this time of year, sitting at 426.6 million bbl according to Oil & Gas Journal.
During the same period, the EIA reported total motor gasoline inventories increased by 3.5 million bbl and are about 3% below the 5-year range for this time of year.
Learn more: Oil & Gas Journal > EIA: US crude inventories down 400,000 bbl
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.