GASOLINE SUPPLY AT RECORD LOW

From USA Today:

U.S. gasoline supplies are the lowest level ever recorded in terms of demand, just 20 days of average fuel consumption, the Energy Information Administration said Wednesday.

"This is even fewer days than seen following the hurricanes in 2005," the EIA said in its weekly review of the oil market. "While the absolute level of total gasoline inventories has been slightly lower a few times in recent years, when the level of demand is taken into account, it has not been this low before."

The low gasoline inventory will not likely cause a sharp spike in retail fuel prices, but will limit the usual decline in pump prices after this weekend's Labor Day holiday, the EIA said.

EIA PREDICTS $2.87 AS HIGH FOR SUMMER GAS

The Energy Information Administration issued a report indicating the gasoline will average between $2.81 per gallon this summer. That compares favorably to the $2.84 Americans paid last summer. In addition, the group predicted that the summer high for gas will be $2.87 in May, but many analysts think that the EIA prediction is too low. Gas prices averaged $2.80 last week.

USA Today