Back on June, 25, 2016, I noted that "an eagle-eyed reader noted that the US set a new gasoline production record": 10,289,000 bbls of gasoline/day during June, 2016. At that post, I made the comment: look how few times US crude oil production exceeded 10 million b/d.
Now look
how often the US exceeds 10 million b/d of gasoline production:
The other graph that continues to amaze me is the trend of gasoline production over time. I thought with all those EVs that Elon Musk is selling and the stricter CAFE standards, gasoline production should be trending down. There is not even a suggestion that gasoline production will be trending down any time soon.
I could be wrong, but I believe "produced gasoline" includes
gasoline that will be exported. But for the moment, the amount of gasoline being exported is a relative "drop in the bucket" vs the amount of gasoline that is being produced.
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US Crude Oil
Days of crude oil supply is trending in the correct direction for those looking for re-balancing, but I think it's too early to say a) if the trend will continue; and, b) if it continues, how quickly it will return to 24 days of supply (which is still greater than the 18 - 20 days one might like to see.
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