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Michael Rothman, a Merrill Lynch analyst, said American inventory levels were 50 million barrels below normal.
The United States currently consumes a little more than 18 million barrels of oil a day — more than 2 million barrels below peak consumption in 2005.
The distillate inventory, from which home heating oil is made, is 28 million barrels below its level at this time last year.
American refineries are running at about 96percentt capacity, but stockpiles of gasoline are about 5.2 million barrels lower than a year ago and 8.2 million barrels below the average of the last five years.
On deck, too, is where sailors boiled down the whale blubber to extract its precious oil and, in assembly-line style, stored the oil in barrels below deck, precious cargo to be brought home and sold for profit.
Although the crude oil inventory has been rising in recent weeks, it is still almost 22 million barrels below its level at this time last year and not too far from a 24-year low.
Similar(45)
At one point, prices were off by nearly $13 a barrel, dipping below $110 a barrel for the first time since March.
For several months oil prices have hovered at $40 per barrel or below, but the Iraqi budget assumes a $50 per barrel price, making a substantial deficit all but inevitable later this year.
In the second half of 2014, the price of America's benchmark crude, WTI, dropped from $106 a barrel to below $60.
Two summers ago, prices began to drop, but it wasn't until last winter, when the price per barrel fell below fifty dollars, that people really began to wonder whether the season of bounty was over.
But meanwhile, gardeners who want to use gray water are stuck with buckets and watering cans (though I am picturing some kind of siphoning hose from my bathtub out the window to a rain barrel down below).
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com