API Statistics Point Toward Economic Recovery
Jane Van Ryan
Posted December 16, 2009
API fuel demand statistics seem to indicate that the economy is recovering, albeit very slowly. According to API's Monthly Statistical Report for November, U.S. gasoline deliveries (a measure of demand) increased 1.5 percent over the same month a year ago, following a trend that has been nearly uninterrupted since June. Overall, domestic petroleum deliveries were down just 1 percent.
API's Statistics Manager John Felmy called the declines "much more moderate than in previous months, which could be an indication of continued economic recovery." Still, this November's deliveries were down nearly 12 percent from the November 2006 high of 4.18 million barrels per day.
Domestic crude oil production hit a four-year high last month, with strong production in the Lower-48 as contrasted with Alaskan output which was 2.3 percent lower than a year ago. The top three producers--Texas, California and Louisiana--continued to increase their monthly and yearly production volumes.
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