![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Mar 18, 2016
Lower energy prices, including for retail gasoline, translated to a rise in U.S. consumer demand in February, the American Petroleum Institute said. The API, which provides industry data as well as representing its business interests, reported total delivery of petroleum products in February averaged 19.8 million barrels per day. The metric, up 2 percent from February 2015, serves as a barometer to gauge consumer demand. "Low gasoline prices continued to drive up demand in February," Hazem Arafa, API director of statistics, said in a statement. "In fact, gasoline demand rose to a new all-time record for the month as drivers took advantage of the low prices." Crude oil prices in February dipped below $30 per barrel in a market pressured by weak economic momentum and higher supplies. By mid-February, the national average retail price for a gallon of regular unleaded gasoline hit $1.69 per gallon. That period marked a low-point, however, as refiners had started preparations necessary to start making a summer blend of gasoline, which is more expensive to make because of the additional environmental safeguards necessary for warmer driving months. API said total demand for petroleum products in February was at the highest level in eight years. Total motor gasoline deliveries, meanwhile, rose 5.2 percent year-on-year to the highest level on record for February. Production of gasoline in February was up 3.2 percent for the year at 9.9 million barrels per day. In a further sign of increasing demand, total petroleum imports into the United States were up 6.7 percent from one year ago to nearly 9.9 million bpd, API data show.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |