API: Gasoline demand climbed in February; overall oil demand fell

03/26/2012
US oil demand fell by 2.3% in February to average 18.4 million b/d compared with February 2011, according to the latest monthly statistical report from the American Petroleum Institute. The decline was led by a drop in demand for residual fuel oil, which was down 40% from a year earlier to 375,000 b/d as users switched to natural gas. Deliveries of gasoline were up 0.9% to 8.7 million b/d, the first increase in gasoline demand since February 2011. "Consumer demand for gasoline is still not strong, but the slight increase is notable," said John Felmy, API chief economist. "It reflects recent improvements in employment growth," he added. Demand for distillate fuel, inclu...
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