Cathy Landry | 202.682.8122 | landryc@api.org
WASHINGTON, September 17, 2010 – U.S. gasoline demand during the peak summer driving season, which runs from June through August, was at its lowest since 2008, according to the American Petroleum Institute’s Monthly Statistical Report for August. At 9.22 million barrels per day, summer 2010 gasoline deliveries were 0.25 percent lower than 2009, but 1 percent higher than 2008. The previous summer low was 8.8 million barrels per day in 2000.
Ultra-low sulfur diesel demand, which closely mirrors economic activity because it reflects the movement of goods on the nation’s highways, also was lower than last year. August deliveries averaged 2.898 million barrels per day, down 0.1 percent from August 2008. Overall, August U.S. petroleum deliveries experienced a year-to-year increase, but only 0.4 percent – the smallest this year, with the exception of January.
“The August data continue to indicate a struggling economy,” observed API Chief Economist John Felmy. “The lower summer driving demand shows a lack of consumer confidence, as fewer Americans took to the road for summer vacations. The downtick in August in ultra-low-sulfur diesel indicates lower demand for goods, another sign of economic stagnation.”
August refinery inputs were up by 1.1 percent from the corresponding month a year ago. Production for the month was higher for all products with the exception of residual fuel oils, which saw imports surge 64 percent compared with August 2009.
Crude oil inventories continued to increase in August and were higher compared with prior year and prior month. End-of-August U.S. crude stock levels, excluding supplies held in the nation’s Strategic Petroleum Reserve, were at the highest level for any August since 1990.
API represents more than 400 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports more than 9.2 million U.S. jobs, accounts for 7.5 percent of the U.S. economy, and, since 2000, has invested nearly $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives, while reducing the industry’s environmental footprint.
Updated: September 17, 2010