In a situation credited to booming economic growth, petroleum demand is soaring, having reached its highest point in 10 years during the month of August.
Total, the deliveries came to an average of 20.5 million barrels per day, according to the American Petroleum Institute (API). API coupled this to employment gains in their report, as noted by the Bureau of Labor Statistics (BLS). The BLS found that August added 156,000 jobs nationwide.
“Strong economic growth is boosting petroleum demand,” API Director of Statistics Hazem Arafa said. “Meanwhile domestic production remains high allowing consumers and businesses to continue to enjoy relatively low fuel costs. This is a winning combination.”
Despite the petroleum increase, gasoline deliveries were down from the previous month and year. Those deliveries fell 1.5 percent on the year, though that still leaves them at the fourth highest delivery amount to date. Distillate deliveries were up over the same period, reaching the highest August deliveries in a decade and the highest deliveries period since March. Those averaged 4.1 million barrels per day.
Crude oil production saw something of a decrease from July, but stretched out to yearly figures was still up, making it the most significant number yet–the second highest August output in 45 years. An average 9.3 million barrels per day were being pumped out in August. Natural gas liquids had a good showing as well, though, rising on the month and year. They averaged 3.7 million barrels per day.
Coupled with all this was the fact that the average U.S. rig count, while seeing a slight decrease from July, was up a staggering 96.9 percent over August 2016.
Meanwhile, petroleum and crude oil imports both saw decreases over this period. The U.S. imported 2 percent less petroleum in August than they had in July and 6.4 percent less than the previous year, averaging just below 9.7 million barrels per day. Crude oil imports fell by 3.2 percent since July and 7 percent against the previous year, averaging 7.5 million barrels per day.
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