U.S. gasoline inventories, consumption, production, and exports all increased over the past year (11/30/2016)

As of November 25, U.S. gasoline inventories reached 226.1 million barrels, a 9.3 million barrel increase from the same time last year and the highest level for this time of year since at least 1990. Gasoline inventories have been elevated all year despite strong domestic consumption and exports. High gasoline crack spreads, the difference in value between a gallon of gasoline and a gallon of crude oil, have encouraged continued high utilization of U.S. refining capacity. The fall refinery maintenance season had less down-time compared with last year, helping to further drive high levels of production and inventory. …