By March 1, 2017 Read More →

EIA: US gasoline demand hits record levels in 2016

US gasoline demand

The Energy Information Administration credits lower pump prices and unemployment with an increase in US gasoline demand last year.  Grant Gerlock Harvest Public Media photo.

US gasoline demand surpassed 2007 levels

In 2016, US gasoline demand hit record levels, averaging 9.326 million barrels per day, according to the US Energy Information Administration.

The previous record was set in 2007.

The report says the increase in gasoline demand last year was due to low prices at the pump and lower unemployment.  There are early signs that the nation’s thirst for gasoline may be weakening in 2017.

In the fifth year of year-over-year increases, drivers logged a  record 3.22 trillion miles on US roadways last year, a bump up of 2.8 per cent from 2015.

US gasoline demand was up by 1.8 per cent to 9.3 million b/d in December compared to December, 2015.  US demand accounts for about 10 per cent of the global demand for gasoline.

The EIA also reported total oil demand in December was up 1.9 per cent to 19.98 million b/d, the highest level since 2007.

US distillate demand was up by 6 per cent to 4.06 million b/d in December against last year.  Analysts say warm weather in 2015 reduced demand for distillates.

In 2016, overall demand for distillates was 3.9 million b/d, down 2.7 per cent from 2016.

 

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