WASHINGTON, April 20, 2012 – While total petroleum deliveries (a measure of demand) slipped 1.3 percent in March compared with March 2011, gasoline deliveries were up 3 percent. This marked the second month in a row gasoline demand increased while total petroleum demand declined. March distillate demand was up very slightly over a year ago to almost 4 million barrels per day, driven by a 5.5 percent rise in demand for ultra-low sulfur diesel used by trucks.
“The mixed demand picture shows the economy is still laboring to move forward, reflecting relatively weak employment conditions,” said API chief economist John Felmy. “However, the rise in gasoline demand occurred in spite of higher gasoline prices, which actually pushed down demand for reformulated gasoline used in urban areas and encouraged more use of public transit.”
Supplies of refined products remained ample, with U.S. gasoline production of 9.3 million barrels per day setting a record for any March and for any comparable year-to-date period. Distillate fuel production at 4.4 million barrels per day also set March and year-to-date records. Refinery utilization increased in March, compared with March a year ago. Total refinery inputs rose 2.3 percent in March.
With U.S. refinery production at high levels and overall domestic demand falling, exports of refined petroleum products increased by 2.6 percent.
Imports of crude oil and refined products fell in March by 6.6 percent to average 10.6 million barrels per day. Canadian crude imports rose by 1.9 percent to average almost 2.16 million barrels per day.
Higher domestic crude oil production in March offset lower crude import levels. Crude oil production rose by 4.7 percent to average almost 5.9 million barrels per day. Rising North Dakota production at 551 thousand barrels per day in March continued to close in on declining Alaska production of 591 thousand barrels per day.
The number of oil and gas rigs fell from 1,990 in February to 1,979 in March, according to the latest reports from Baker-Hughes Inc.
In March, crude oil stocks at 361.2 million barrels were down 0.4 percent from March 2011 and up 4.5 percent from February of this year. Gasoline stocks were up from March 2011 but down slightly from February 2012.
API represents more than 500 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America’s energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.