U.S. Gasoline Inventories Are Falling At A Record Pace

BusinessEnergyU.S. Gasoline Inventories Are Falling At A Record PaceByRobert Rapier,Senior Contributor.Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector.Follow AuthorJun 01, 2026, 06:00am EDTGas prices above $6 per gallon are displayed at s Chevron station in Monterey Park, California, on April 30, 2026. Energy costs have surged since the near-total closure of the Strait of Hormuz, through which about a fifth of the world's oil and gas usually passes, following the outbreak of the US-Israeli war against Iran. (Photo by Frederic J. BROWN / AFP via Getty Images)AFP via Getty ImagesU.S. gasoline inventories aren’t at record lows, but they are falling fast.The distinction is important. The current level of inventories does not point to an immediate shortage. But the speed of the drawdown suggests the fuel market has been burning through its cushion at an unusual rate just as the summer driving season begins. For the week ending May 22, gasoline inventories stood at 211.6 million barrels, according to the Energy Information Administration. That level is below the five-year average and the lowest May reading since 2014, but it is not the sort of number that would normally set off alarms by itself.The more interesting story is not the level of inventories. It is how quickly the cushion has disappeared.In early February, U.S. gasoline inventories reached 259.1 million barrels. By late May, they had fallen by 47.5 million barrels in roughly 15 weeks.In weekly EIA data going back to 1990, there is not another February-to-May gasoline drawdown that comes close. The next-largest drawdowns were clustered around 30 million barrels, and that was 15 years ago. This year’s decline is far larger.That does not mean gasoline shortages are imminent. It does mean the market has burned through a remarkable amount of inventory before the summer driving season has even fully arrived.MORE FOR YOUA Drawdo...