Released on December 26, 2002
(Next Release at 2:00 pm EST on January 2, 2003)

Petroleum Supply Data Begin to Reflect Venezuelan Impacts
Since the beginning of the general strike in Venezuela, the fourth-largest source of U.S. oil imports, during the first week in December, users of EIA's petroleum supply data have awaited the impact of the Venezuelan situation on U.S. supplies. Due to shipping time by sea (about one week) and normal data reporting and publication lags, the impact has just begun to be reflected in this week's data. Lower apparent crude oil imports from Venezuela have been partially offset by higher imports from other sources, particularly to the West Coast. Crude oil inventories and refinery inputs on the Gulf Coast have also begun to reflect this reduction in imports. EIA expects further impacts to be evident in the coming weeks.

U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending December 20, a decrease of 200,000 barrels per day from the previous week. The decline occurred largely in PADD III (Gulf Coast), with smaller, offsetting changes in the other regions. Despite the drop in inputs, refinery output for motor gasoline and jet fuel rose, while distillate fuel production was lower than in the previous week.

U.S. crude oil imports (including imports going into the Strategic Petroleum Reserve) averaged 9.1 million barrels per day, down nearly 300,000 barrels per day from the previous week. Crude oil imports have averaged 9.5 million barrels per day over the last four weeks, or about 500,000 barrels per day more than averaged during the same four-week period last year. Although weekly crude oil import data are very preliminary and thus not published, it appears that the strikes in Venezuela have reduced crude oil imports from that country significantly, only partially offset by increased imports from elsewhere. Meanwhile, total motor gasoline imports (including both finished gasoline and gasoline blending components) averaged over 1 million barrels per day last week, for the first time since the week ending November 1. Distillate fuel imports averaged about 400,000 barrels per day last week, down more than 200,000 barrels per day from the week before.

Total product supplied over the last four-week period averaged nearly 20.1 million barrels per day, or about 5.0 percent more than the same period last year. Over the last four weeks, motor gasoline demand is up 2.3 percent, kerosene-jet fuel demand is up 14.8 percent, and distillate fuel demand is up 11.4 percent compared to the same four-week period last year.

Retail Gasoline and Diesel Fuel Prices Post Significnt Increases
The national average retail regular gasoline price increased for a second week, to 140.1 cents per gallon on December 23, 2002, 3.8 cents per gallon higher than last week and 32.9 cents per gallon above a year ago. The national average retail diesel fuel price was 144.0 cents per gallon, 3.9 cents per gallon more than last week and 28.6 cents per gallon more than a year ago.

Cold Weather and Tight Heating Fuel Supplies Continue to Push Prices Higher
Residential heating fuel prices increased for the period ending December 23, 2002. The average residential heating oil price was 136.3 cents per gallon, up 4.0 cent from the previous week. Residential propane prices also continued to move upward by 2.4 cent from 120.8 to 123.2 cents per gallon. Heating oil prices are 21.4 cents per gallon higher than last year at this time while residential propane prices are 11.5 cent higher than one year ago. Wholesale heating oil prices increased 5.3 cents this week, to 89.8 cents per gallon, while wholesale propane prices increased from 59.4 to 61.1 cents a gallon, up 1.7 cent.

Propane Stock Draws Reflect Colder Weather
U.S. inventories of propane dropped solidly last week, reflecting colder weather that blanketed many regions of the nation. The 2.4-million-barrel stock draw pushed U.S. inventories down to an estimated 52.9 million barrels as of the week ending December 20, 2002, a level that remains within the average range for this period. Nearly all regions saw declines last week, led by a 1.7-million-barrel drop in the Gulf Coast region.