U.S. Petroleum Demand at Lowest Level in Decadesby Tim Manni
The American Petroleum Institute (API) reported that U.S. petroleum deliveries were down 4% in October, and down 5% from January to October of this year — a decline in demand not seen since the early 1980’s. From January to October, daily deliveries averaged 19.6 million barrels a day — the lowest level since 2000.
Despite such a large decrease, the API reports that over 50% of the production that was disrupted by hurricanes Gustav and Ike has been restored. All of the refineries shut down during the two storms are once agin fully operational.
While U.S. crude production has dropped 5.1% from a year ago, imports increased 5.8% in October since last year to 13.7 million barrels a day.
Crude features fell as low as $53.30 today, marking its lowest level since January 2007.