US Crude Oil Supplies Drop By 7.4 Million Barrels

[Purveyor]

NEW YORK (AP) -- The nation's crude oil supplies declined last week, the government said Wednesday.

Crude supplies fell by 7.4 million barrels, or 2 percent, to 357.1 million barrels, which is 1.1 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected a drop of 5 million barrels for the week ended Aug. 31, according to Platts, the energy information arm of McGraw-Hill Cos.

Imports of crude oil slowed as Hurricane Isaac blew through the Gulf Coast, reducing the nation's inventories.

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[rfranklin]

1. Can we stop shipping fuel out of country?

Bloomberg writes that to offset weak U.S. demand, refiners exported 439,000 barrels a day more than were imported the year before. In 2010, daily imports averaged 269,000 barrels, according to the Petroleum Supply Monthly report.

Imports of crude oil and related products fell 11% last year, reaching a level not seen since 1995.http://content.usatoday.com/communities/ondeadline/post/2012/02/us-exported-more-gasoline-than-imported-last-year/1