US gasoline inventories at their lowest level since 1967
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  • US gasoline inventories shrunk to the lowest level since 1967 after Hurricanes Gustav and Ike shut Gulf Coast oil refineries. The Bush administration has however stated that there was still no need to ask for emergency fuel supplies from European allies. The drop in fuel stocks caused long lines at service stations in southern cities. Reports noted that retail outlets, including in Atlanta and Memphis and Ohio, had run out of fuel.

    US Energy Secretary Sam Bodman also stated on September 24 that the Bush administration was not considering making a request to the International Energy Agency for emergency gasoline supplies. Bodman asserted that the Energy Department was "reasonably satisfied" with the recovery of the US oil sector after the hurricanes.

    US gasoline stocks fell 5.9 million barrels last week to just under 179 million barrels, down almost 19 million barrels from a year ago, according to the Energy Information Administration1.