API: U.S. sets oil production and petroleum demand records in February 2019 (includes Q1 Industry Outlook)
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WASHINGTON, March 14, 2019 – Today, the American Petroleum Institute’s latest monthly statistical report showed that the U.S set a new record for oil production at 12.1 million barrels a day (mb/d) in February, continuing America’s position as the world’s leading oil producer. The increased production reflects the rise in drilling activity development over the past quarter. In addition, petroleum demand in February was the strongest for that month in more than a decade at 20.4 (mb/d).
“High U.S. consumer demand for gasoline, diesel and jet fuel is being met right here at home with record U.S. oil production,” said API Chief Economist Dean Foreman. “America’s natural gas and oil industry is driving safe and responsible production to meet demand here and abroad. A strong energy industry benefits all Americans and strengthens our nation’s economy and national security. Due to industry’s leadership, U.S. consumers continue to enjoy low prices at the pump, and our allies overseas have a friendly energy partner by their sides.”
February 2019 highlights:
- Gasoline demand 8.9 mb/d grew by 1.0 percent year to year
- Distillate demand 4.2 mb/d strongest for February since 2015
- Strongest February jet fuel demand 1.6 mb/d since 2005
- Other oils’ (refinery and petrochemical feedstock) demand 5.5 mb/d highest for February on record
- U.S. petroleum net imports of 1.1 mb/d
- Refinery throughput 16.1 mb/d and capacity utilization at 86.7 percent
- Total petroleum inventories 4.1 percent above the 5-year average
“Thanks to affordable, abundant and reliable American-made natural gas and oil, Americans are saving more money on their energy bills while also reducing CO2 emissions at home and abroad. In fact, API’s Industry Outlook found that Americans saved $300 billion on energy costs between 2013 and 2016. It’s a win-win deal for consumers and the environment, and as the U.S. progresses towards being a net exporter of oil as well as natural gas, industry looks forward to advancing the next chapter of this success story to new heights.”
Latest API Industry Outlook for Q1 2019 further highlights:
- Remarkable (+0.82) correlation between U.S. oil and gas production and real GDP growth since 2015
- Strong value-added in sectors advantaged by the U.S. energy revolution
- Criticality of U.S. liquefied natural gas (LNG) exports and how strong productivity has kept domestic natural gas prices below $3.00 per million Btu despite a ten-fold increase in net exports
- $300 billion of American energy savings between 2013 and 2016, thanks largely to U.S. oil and natural gas
- Importance of U.S. natural gas production in cutting energy costs for consumers while also lowering emissions.
For more information on the quarterly and monthly reports, please visit our Energy Tomorrow blog and API website, where the reports are now available to view and share and please see detailed analysis of API’s Industry Outlook here.
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.
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