U.S. oil demand drops (3% YOY) in first half of 2008

[jpak]

http://api.org/Newsroom/us_june08_oil_demand.cfm

WASHINGTON – U.S. oil demand was significantly down for the first six months of 2008, API said today in its Monthly Statistical Report. While U.S. refiners churned out record and near-record amounts of oil products, imports – especially product imports -- fell substantially.

Deliveries of all oil products – a measure of demand – fell 3.0 percent compared with the same first-half-year period in 2007, with gasoline deliveries slipping 1.7 percent. For the preceding three years, oil demand had essentially held steady.

API statistics manager Ron Planting said, “At 20.08 million barrels per day, total demand was the lowest in five years. And the decline in gasoline demand was the first significant one recorded in 17 years. Higher pump prices and a slowing economy were undoubtedly factors.”

At 2.0 percent, the second-quarter decline in demand for gasoline was even greater than for the first six months. However, the 1.8 percent decline for all products for the last three months, compared with the same period a year ago, was less in part because of a 2.1 percent increase in demand for distillates, which includes diesel fuels and home heating oil.

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[YOY]

1. I'm only at 3%???

Dammit.

YOY NEEDS FOOD BADLY!

[jpak]

2. YOY

LOL

[Renew Deal]

3. lol

:rofl:

[predfan]

4. Just a couple of years ago the Yaris, Versa, and Fit hadn't even been available

in this country, since, of course, the American public would never consider driving something smaller than a singlewide.

Underestimating the capacity of the American public to do the sensible thing has just about bankrupted the US auto makers.

Wait till the electric cars catch on.