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U.S. Crude Output Jumps; Demand Hits 16-Year Low
Petroleum consumption in the U.S. shrank 2% to an average of 18.6 million barrels per day last year, the lowest level since 1996, according to the American Petroleum Institute.
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Petroleum consumption in the U.S. shrank 2% to an average of 18.6 million barrels per day last year, the lowest level since 1996, according to the American Petroleum Institute.
But the country's crude oil production climbed 14% to a 15-year high of 6.4 million bpd in 2012, the Washington, D.C.-based trade group reports. It says last year's 780,000-bpd increase in oil output was the largest since 1859.
American demand for petroleum products eased in 2012 because of the country's slow economic recovery, API says. Gasoline use was barely changed last year at 8.7 million bpd as the price of the fuel remained persistently high.
Higher domestic output and lower demand caused U.S. imports of crude oil and petroleum products to drop 7% to 10.5 million bpd in 2012 the lowest level since 1997, according to the institute. American exports of refined petroleum products rose 5% year over year.
The country ended 2012 with crude oil stocks of 359.8 million barrels, up 9% from a year earlier.
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