WASHINGTON, April 18, 2007 – U.S. gasoline demand slipped in March amid rising pump prices, but ended the first quarter 1.7 percent above year-ago levels after strong deliveries earlier in January and February, API data show.
In its
Monthly Statistical Report covering March 2007, API also noted that U.S. gasoline production rose six percent in the first three months of the year to a record high 8.8 million barrels per day. At the same time, imports slumped 18 percent.
In other products, distillate deliveries, a proxy for demand, grew 1.7 percent in the first quarter, while jet fuel deliveries grew 4.9 percent and deliveries of all products increased 2.1 percent despite the gasoline decline.
“The first-quarter increase for gasoline demand was stronger than we have seen for a while and contrasts with the minimal increases we saw in the previous two years,” said Ron Planting, API’s manager of statistical information and analysis.
Signs that U.S. refineries were ending scheduled maintenance work appeared to be reflected in rising crude imports in March. Refiners imported nearly 9.9 million barrels a day of crude in the month, up three percent from February levels and 0.4 percent from March 2006. Total crude and refined product imports in March rebounded from their lowest level in over three years to average 13.1 million barrels per day, up 1.4 percent for the month but first quarter imports were down compared to last year.
Crude inventories rose by 17 million barrels during March and by 26 million barrels over the first quarter ending at 336 million barrels, the highest since October. Gasoline inventories for March were down four percent from a year ago, finishing at 201 million barrels.
March U.S. refinery activity, as measured by feedstock input, fell below 15 million barrels per day for the second month in a row as refiners continued scheduled maintenance and preparation for a switch to summer-blend fuels. Inputs for the first quarter averaged nearly 15.1 million barrels per day, up 0.5 percent from last year.
For the seventh month in a row, domestic crude oil production was above year-ago levels. Production in the lower 48 rose 1.2 percent to 4.4 million barrels per day and Alaskan output rose 1.3 percent, its first year-on-year increase in 18 months.
For more information, see also Petroleum Facts at a Glance and Monthly Import Statistics - January 2007 (latest available)
Updated April 9, 2009