API: U.S. demand for gas surges in March

Filed under: Etc.

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:

Strong deliveries continue to indicate growth in the economy. The increase is consistent with expansion in the manufacturing sector reported by the government, although that was relatively modest. The increase is especially significant given the potentially depressing effect of rising prices on fuel demand and amid some prognostications that forward growth in the economy may be more modest than hoped.

The petroleum increase made its way to our pumps. During the first quarter of 2011, gasoline deliveries jumped by 4.1 percent, compared to the same period last year. Meanwhile, U.S. refinery production of gasoline rose by 4.9 percent in March, compared to February, leading to record highs in both the month of March and the first quarter of 2011.

[Source: American Petroleum Institute | Image: Rennett Stowe - C.C. License 2.0]

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API: U.S. demand for gas surges in March originally appeared on Autoblog Green on Sat, 23 Apr 2011 17:46:00 EST. Please see our terms for use of feeds.

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