API: Despite rising fuel costs, demand for gas hits record high in February

API: Despite rising fuel costs, demand for gas hits record high in February: "

Filed under: Etc.

Despite rising fuel costs, the American Petroleum Institute (API) reports that total U.S. petroleum deliveries (a measure of overall demand) rose by 4.4 percent in February, compared to the same month last year. At a whopping 19.7 million barrels per day, petroleum deliveries hit a a three-year high for the month of February. Gasoline deliveries, which averaged 9.0 million barrels per day, posted an all-time record for February.



API chief economist John Felmy said in a statement that the culprit is, once again, a rebounding economy:

The boost in deliveries reflects an economy gaining strength. The Federal Reserve survey indicates an expansion in business and manufacturing. So it's no surprise we're seeing growth in petroleum deliveries. It's welcome news for fuel producers and for the economy.

Domestic crude oil production dropped off by 1.6 percent in February, compared to the same month in 2010, but so did our need for foreign oil and imported refined products, which fell by 5.2 percent.



[Source: American Petroleum Institute | Image: Nevada Tumbleweed - C.C. License 2.0]

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API: Despite rising fuel costs, demand for gas hits record high in February originally appeared on Autoblog Green on Sun, 20 Mar 2011 08:52:00 EST. Please see our terms for use of feeds.

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