US petroleum demand hits 3-year high

Indo Asian News Service

Washington, Aug 23 (IANS) The overall petroleum demand in the US jumped in July to the highest level in three years, the American Petroleum Institute (API) said.

The total petroleum deliveries, a measure of demand, rose 1.7 percent in July from a year ago to average $18.9 million barrels per day, Xinhua reported.

"The summer travel season brought greater demand for several fuel types last month than we've seen in the recent years," API chief economist John Felmy said Thursday.

"On the supply side, we produced more domestic crude last month than at any other point in the last 22 years," Felmy added.

The US domestic crude oil production in July increased 17.4 percent from a year earlier to average 7.5 million barrels per day.

With the surging domestic energy production, imports of crude oil and refined products in July averaged 9.7 million barrels per day, the lowest July level in 18 years. It also marked the fourth time this year for the total imports below 10 million barrels per day.

API represents more than 500 oil and natural gas companies which supply most of the energy consumed in the US and support an estimated 7.7 percent of the US economy.