Steadily rising fuel costs during the first three months of 2011 have had virtually no impact on total U.S. petroleum deliveries, says the American Petroleum Institute (API). First-quarter deliveries rose by 5.5 percent, compared to the same period in 2010. For March, deliveries surged by 7.3 percent over the same month in 2010, hitting a whopping 20.5 million barrels per day. API chief economist John Felmy said in a statement that the culprit here is the rebounding economy:
Api Gasoline Demand
Despite rising fuel costs, the American Petroleum Institute (API) reports that total U.S. petroleum deliveries (a measure of overall demand) rose by 4.4 percent in February, compared to the same month last year. At a whopping 19.7 million barrels per day, petroleum deliveries hit a a three-year high for the month of February. Gasoline deliveries, which averaged 9.0 million barrels per day, posted an all-time record for February.
Hitting an average of 9.3 million barrels a day, gasoline deliveries in the U.S. fell a minuscule 0.03 percent this July compared to the same month a year ago. Excluding 2008, gasoline deliveries reported are the lowest of any July on record since 2003. The American Petroleum Institute (API) continues to insist that demand is down due to our struggling economic situation, but could our decreasing need for gas be partially influenced by the rise of diesel?