News

WASHINGTON, January 19, 2006 - Higher oil prices due to tight global crude oil markets and Gulf Coast hurricane damage led to lower U.S. demand and record product imports in 2005, the American Petroleum Institute reported today in API’s year-end Monthly Statistical Report.

WASHINGTON, January 16, 2006 - 

Statement by John Felmy
Chief Economist and Director
Statistics Department

2005 was another challenging year for the U.S. oil and natural gas industry and its customers. In the first part of the year, tight markets for crude oil led to higher prices going into the end Then the industry felt the one-two punches of Hurricanes Katrina and Rita and a substantial portion of production, refining, transportation and marketing sectors were shut down.