US crude oil demand and production down in 2008
Jan 15, 2009 01:00 AM
The American Petroleum Institute (API) reported that America's demand for crude oil fell in 2008 to its lowest level
since 2003.
For 2008, US petroleum deliveries decreased by 6 %, to 19.4 mm bpd.
API, the oil industry's trade association, also said US crude oil production in 2008 dropped below 5 mm bpd for the
first time since 1946. That's largely attributable to lower Alaskan output and disruptions caused by hurricanes
Gustav and Ike.
Record-high oil prices in early 2008 and the deepening recession late in the year combined to curb both the demand
for and consumption of oil.
