Crude oil and gasoline inventories are among the most carefully watched economic statistics there are.

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Germans had to foot a higher import bill, the statistics office said, no doubt because of higher oil prices.

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However, the RMT Union which represents Oil and Gas workers in the North Sea, urged caution when interpreting the statistics in the report.

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In 2011, according to the U.S. Bureau of Labor Statistics, there were 2.3 incidents of injury and illness per 100 oil and gas workers.

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The most recent statistics from the Energy Information Administration prior to Katrina showed that 43% of the crude oil America consumes daily is refined on the Gulf Coast in Louisiana or Texas.

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Crude oil looks to be a more conservative play for 2011, and will trade in line with the monthly economic statistics unless political events cause a sudden volatility on the upside.

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