U.S. Gasoline Inventories Are Falling at a Record Pace

U.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…