Oil analysts and experts say a summer gas shortage is unlikely, according to a Detroit Free Press story.
Gasoline futures have soared in recent weeks amid worry that domestic gasoline inventories were falling too low to meet demand during the summer.
Consumption is growing as well, despite record-high gasoline prices. American drivers are using 9.2 million, 42-gallon barrels each day, up 4.2 percent from last year.
Despite low inventories, experts believe shortages are unlikely. The nation uses 9.2 million barrels of gasoline each day with 203 million in inventory. Fadel Gheit, an oil analyst with Oppenheimer & Co., told the Free Press. The country makes 8 million barrels a day and imports 1 million barrels, Gheit said.
Energy Information Administration spokesman Jonathan Cogan says the Department of Energy isn’t predicting shortages, either. Gasoline supplies should be sufficient through at least 2005, Cogan said to the Free Press.