Gasoline Inventories are down year on year but 'experts' say: "We're swimming in oil"

"We're swimming in this stuff," oil analyst and trader Stephen Schork said after the report was released...

Gasoline inventories rose by 600,000 barrels, or 0.3 percent, to 217.4 million barrels, 1.4 percent below year-ago levels. Analysts expected stockpiles of the motor fuel to fall by 1.5 million barrels.

In London, Brent prices added $2.33 at $53.55 a barrel on the ICE Futures exchange.

SHOOT: The two snippets of information directly above are purposely juxtaposed to show how fucked up coverage of this issue is. First an 'expert' tells us 'we're swimming in the stuff'. Then we're given the facts - that inventories are not only lower than expected, but lower than they were last year when there was no Recession, No Credit Crunch.
You may think it is much ado about nothing, but if you know that energy was the reason behind the current economic mess, and 'experts' are still ignorant of this and calling energy prospects incorrectly, well, it's something to be very concerned about.

clipped from finance.yahoo.com COLUMBUS, Ohio (AP) -- Oil prices climbed Wednesday as new government data showed bulging crude inventories rising less than what analysts were expecting. Benchmark crude for May delivery rose $2.15 to $51.30 a barrel on the New York Mercantile Exchange. Some analysts suggested the rally came from traders covering bets that the price of oil would fall. For the week ended Friday crude supplies increased by 1.7 million barrels, or 0.5 percent, to 361.1 million barrels, 15.2 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report. Analysts had expected a boost of 2.3 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Gasoline inventories rose by 600,000 barrels, or 0.3 percent, to 217.4 million barrels, 1.4 percent below year-ago levels. Analysts expected stockpiles of the motor fuel to fall by 1.5 million barrels.