Report details oil, gas industry productivity
A recently released American Petroleum Institute Monthly Statistical Report (MSR) has determined the oil and gas industry delivered highly productive results in April.
The API’s analysis maintained crude oil production sustained a record-tying 12.1 million barrels per day last month while total petroleum demand was the highest for the month since 2007 at 20.2 million barrels per day.
“America’s strong production and demand reflects strong consumer confidence,” API Chief Economist Dean Foreman said. “That combined with strong employment numbers is good news for the U.S. economy. America’s energy revolution continues to be the backbone of this success, and all Americans continue to enjoy downward pressure on prices as a result.”
According to the report, petroleum demand grew 1.2 percent year to year in April. Record gasoline demand at 9.5 million barrels per day, in addition to seasonally strong jet fuel demand at 1.7 million barrels per day.
The strongest refinery and petrochemical other oils feedstock demand since 2007 were detailed at 5 million barrels per day.
“Strong domestic U.S. oil and natural gas production has continued to be an enabler for the United States’ international agenda,” Foreman said. “This month’s report particularly reinforces the critical importance of U.S. international trade relations and the infrastructure to supply our trading partners.”
