U.S. supply of crude oil drops

The U.S. supply of crude oil dropped last week, according to data from the nation’s Department of Energy for the week of July 12, 2013.

Startribune.com reports the data showed crude supplies fell by 6.9 million barrels, or 1.8%, to 367 million barrels. That’s 2.7% below year-ago supply levels.

It adds analysts had expected a drop of only 2.5 million barrels for the week. Read more.

The Financial Times says the drop is due to the growing availability of cheaper domestic crude, along with rising demand coming out of regions like Europe and Latin America.

It adds the data reveals significantly more crude oil is being transported to refineries by rail, truck and barge than in past years. Read more.

Last week, the U.S. energy department also released a report on the energy sector’s vulnerabilities. It assesses how critical energy and electricity infrastructure in the U.S. is vulnerable to the impacts of climate change.

In a release, the department says, “Historically high temperatures in recent years have been accompanied by droughts and extreme heat waves…and several intense storms that caused power and fuel disruptions for millions.”

If these trends continue, it predicts the performance of critical energy systems will be impacted. As such, the report also identifies measures being taken to make the energy sector more resilient. Read that report, and view an interactive map that shows how the sector has already been affected.

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