Overall U.S. gasoline demand fell to a 10-year low in August, according to the American Petroleum Institute (API). Also, year-to-date demand is two percent lower the same period last year.
“The U.S. economy is still struggling. Retail sales are weak, and we’re seeing a reflection of that in the gasoline demand numbers,” said API chief economist, John Felmy. “The rise in distillate demand accords with data that suggest modest growth in manufacturing, but consumers remain cautious.”
While overall demand has dipped, U.S. refinery production actually increased by a modest 0.6 percent compared to August 2010. And, total petroleum imports fell by 11 percent in August, marking a 14-year low.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the DOE for its weekly survey.
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