NEW YORK (CNNMoney.com) -- Oil prices rebounded to another record high Wednesday afternoon after initially plummeting when a government report said supplies of crude and gasoline had risen much more than expected.In afternoon trading, U.S. light crude for April delivery surged to a high of $110.20 before closing at $109.92. Oil had traded as low as at $107.09 following the report's release on Wednesday morning.
In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said crude stocks rose by 6.2 million barrels last week. Analysts were looking for a rise of 1.6 million barrels, according to a Dow Jones poll.
Gasoline supplies rose by 1.7 million barrels, significantly more than the 300,000 barrel rise that analysts had forecast. The government said gasoline stockpiles are well above average for this time of year.
"The big number is the build in gasoline," said Stephen Schork, publisher of the industry newsletter the Schork Report. "We usually see a 2 million barrel draw at this time, not a surplus."
Since September, gasoline stockpiles have increased from a 16 million barrel deficit to a 22 million barrel surplus, which Schork believes is due primarily to the continuing low demand for gasoline.
__________________ "So long as the presence of death lurks with anyone who goes through the simple act of swallowing, I will make mine whiskey." W. C. Fields
Midland is a city in and the county seat of Midland County located on the Southern Plains of the western area of the U.S. State of Texas. As of the 2006 U.S. Census estimate, the city had a total population of 102,073. The Midland–Odessa metropolitan area had a population of 251,842. People in Midland are called Midlanders.
Midland was originally founded as the midway point between Fort Worth and El Paso on the Texas and Pacific Railroad in 1881. The city has received national recognition as the hometown of First Lady Laura Bush and the childhood home of President George W. Bush.
Midland was originally called Midway because of its location between Fort Worth and El Paso; however the name was soon changed to Midland to avoid confusion with other towns in Texas named Midway.
Once a small town based on farming and ranching, Midland was forever changed by the discovery of oil in the Permian Basin in 1923. Soon Midland was transformed into the administrative center of the West Texas oil fields. Today, the Permian Basin produces a fifth of the nation's total petroleum and natural gas output.
Today, Midland's economy still relies heavily on petroleum; however the city has also diversified to become a regional telecommunications and distribution center. As of August 2006, a busy period of crude oil productionhad caused a significant workforce deficit. According to the Midland Chamber of Commerce, there were almost 2,000 more jobs available in the Permian Basin than there were workers to fill them.
It's not bad for everyone. Some of us are actually wanting to see it go higher. Our economy is booming.
03 Rubicon | 36" Iroks | Chromo D44's w/Rear Spool | 5.5" RK LA | 5.13s | Armored Head to Toe