Energy Today - January 24, 2011
Posted January 24, 2011
Bloomberg: U.S. Fuel Demand Rose the Most in Six Years in 2010, API Says: U.S. fuel consumption increased at the fastest pace in six years in 2010, a sign that the economy is rebounding, according to the American Petroleum Institute. Total deliveries of petroleum products, a measure of demand, climbed 2.3 percent last year to 19.2 million barrels a day, the industry-funded group said today in a report. Consumption in December gained 1.2 percent to 19.5 million barrels a day. "What we're seeing is a return to hopefully consistently better economic growth," John Felmy, chief economist with the Washington-based API, said in an interview. The Hill: Citing gas prices, oil industry calls for expanded U.S. oil drilling: Citing rising gas prices, the oil industry called on the Obama administration Friday to expand domestic oil-and-gas production. The call comes as gas prices have reached a two-year high and Republicans are planning to focus on the issue in the coming months to criticize the administration's offshore drilling policies. American Petroleum Institute chief economist John Felmy said Friday that the Obama administration needs to set in motion policies that will ensure a robust supply of domestic oil-and-gas resources.
Bloomberg: EPA Permits 15% Ethanol for Cars Made After 2001: The Environmental Protection Agency granted a request from ethanol producers to raise the amount of the corn-based additive in gasoline for vehicles made for the 2001 model year and later. Refiners will be permitted to add as much as 15 percent ethanol, up from 10 percent, the EPA said in an e-mailed statement. The agency in October allowed the 15 percent blend for vehicles made for 2007 and later. "Wherever sound science and the law support steps to allow more home-grown fuels in America's vehicles, this administration takes those steps," EPA Administrator Lisa Jackson said in the statement. The EPA has been pressed by advocates for the ethanol industry to raise the limit to increase demand. U.S. carmakers and engine manufacturers last month asked an appeals court to force the agency to reconsider its October ruling.
Platts Energy Week: Hastings: Not Having API Lead Industry Offshore Drilling Watchdog Like Reinventing The Wheel (VIDEO)