Linus Unah – Fourth Estate Contributor
Washington, DC, United States (4E) – U.S. crude oil imports continues to increase in spite of the fluctuations in the oil and gas industry, the American Petroleum Institute (API) reported.
API said in its latest monthly data that total U.S. crude oil production averaged 9.3 million barrels per day, up 0.9 percent from April.
The trade organization added that total petroleum deliveries in May moved up by 4.9 percent from the same period last year to average 20.1 million barrels per day.
These represent the highest oil deliveries since 2007, and the highest deliveries for any months in over 9 years, since January 2008.
“Compared with April 2017, total domestic petroleum deliveries, a measure of U.S. petroleum demand, increased 2.7 percent. For year-to-date, total domestic petroleum deliveries moved up 1.5 percent compared to the same period last year,” the API noted.
It further said that deliveries of gasoline, distillate fuel, kerosene-jet, residual fuel and all other oils showed year-over-year increases.
“Strong demand for petroleum is a good sign for the economy which grew for the 96th consecutive month,” said chief economist, Erica Bowman, was quoted as saying in a news release posted on API’s website.
“American workers and consumer continue to benefit from these positive economic signs along with relatively low fuel prices.”
Gasoline imports in May were up from the prior month and the prior year to reach a record high for the month of May.
Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 1.6 percent from May 2016, to average nearly 9.6 million barrels per day.
Compared with April 2017, total motor gasoline deliveries increased 3.4 percent.
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