US petroleum demand sees year-over-year increase in July

U.S. petroleum demand averaged 20.8 million barrels per day (mb/d) in July – a year-over-year increase of roughly one percent according to the American Petroleum Institute’s latest Monthly Statistical Report.

It was the highest demand in the month of July since 2005.

Also, jet fuel demand hit 1.8 mb/d — a new July record. The United States continues to lead the world in oil production, generating 12.0 mb/d year-to-date. This production, combined with high refinery utilization, is furthering U.S energy security, API reported.

“The continued ability of U.S. production to meet the world’s increasing energy needs is a testament to the shale revolution,” API Chief Economist Dean Foreman said. “With sustained production at a record pace of 12.0 mb/d year-to-date, and U.S. Energy Information Administration analyses predicting that natural gas and oil will provide more than half the world’s power for decades to come, the U.S. is increasingly well-positioned to cushion global oil markets and insulate consumers from external shocks and price volatility.”

The American Petroleum Institute is a trade association for the natural gas and oil industry. It has more than 600 members include large oil and gas companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms.