Oil Demand in U.S. Sinks to 2003 Level According to American Petroleum Institute

petroleum oil photo

19.4 Million Barrels Per Day
According to the American Petroleum Institute, demand for oil in the U.S. in 2008 has decline by 6% to 19.4m barrels/day. That's like going back to 2003. "Gasoline deliveries dropped 3.3 percent to their lowest levels in five years. Deliveries of distillate fuel oil, which includes diesel fuel, fell 5.8 percent, while jet fuel deliveries slid 6.1 percent. Residual fuel oil deliveries dropped more than 14 percent.""All told, the magnitude of the drop in U.S. petroleum demand, which totaled more than 1.2 million barrels per day, was enough to offset the continued demand gains in developing countries around the world," said API statistics manager Ron Planting.

U.S. crude oil production in 2008 sank below 5 million barrels per day for the first time since 1946, as a result of lower Alaskan production and hurricane shut-ins in the Gulf of Mexico. [...]

Despite the sharp drop in domestic product demand, refineries still set some records in 2008. Distillate output reached an all-time high of 4.3 million barrels per day, up 4.1 percent over 2007, with ultra-low sulfur diesel output surging more than 10 percent from the prior year to 3.1 million barrels per day.

Don't Celebrate Yet
Let's remember one thing, though. A reduction in oil demand doesn't mean a reduction in atmospheric CO2. All it impacts is the rate at which CO2 is pumped in the atmosphere - it doesn't remove any. We still need to reduce emissions much more and probably find ways to sequester a lot of atmospheric carbon before global warming gets too bad and ocean acidification destroys whole marine ecosystems.

Via API, AutoblogGreen
Photo: Flickr, CC
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