US oil demand declines at fastest rate since 1980

Mar 02, 2009 01:00 AM

US oil demand growth in 2008 declined at its fastest rate since 1980, dropping 1.208 mm bpd to 19.472 mm bpd, according to data released by the US Energy Information Administration, and reflecting the largest downturn in the broader economy in 27 years.
Total US oil demand was revised down a minimal 15,000 bpd from weekly preliminary data. In 1980, US oil demand growth tumbled 1.457 mm bpd to 17.056 mm bpd as the American economy reeled from the second oil supply shock in just seven years and inflation soared to double-digit levels courtesy scorching commodity prices.

Gasoline demand in 2008 fell 3.47 % year-over-year, or down 322,000 bpd to 8.964 mm bpd. Middle distillate demand was down 6.15 %, or 258,000 bpd lower at 3.938 mm bpd. Demand for jet kerosene declined 6.41 %, a decrease of 104,000 bpd to 1.518 mm bpd.
Residual fuel oil demand fell 14.25 %, a decline of 103,000 bpd to 723,000 bpd. For the month of December, total US oil demand at 19.199 mm bpd was down 1.52 mm bpd year-over-year, a decline of 7.34 %.

The December data represented a downward revision of 287,000 bpd from weekly preliminary figures. Gasoline demand in December averaged 8.921 mm bpd, a downward revision of 112,000 bpd from preliminary data. Demand for middle distillates at 3.784 mm bpd was a whopping 349,000 bpd downward revision.
Jet kerosene demand at 1.394 mm bpd was revised down by just 38,000 bpd. Residual fuel oil demand at 628,000 bpd was revised down 106,000 bpd.

While total US demand was down 1.52 mm bpd in December 2008 compared to December 2007, demand readings had actually improved markedly from September.
September implied demand at 17.796 mm bpd was 3.229 mm bpd below September 2007.

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