API: US petroleum demand rises 'only modestly' in 2003

02/23/2004
US demand for petroleum rose "only modestly" in 2003, part of a long-term trend in which US oil consumption has increased by only a fraction of the rate of the overall economy, officials of the American Petroleum Institute reported last month in Washington, DC.The US economy consumed 0.7 bbl of oil for each $1,000 of economic output in 2003, said API officials, down 16% from 1993 and 31% from 1983, as measured in 2000 currency.Efficiency gains and changes in fuel sources and in the structure in the economy contributed to the decline in the amount of crude used vs. the gross national product. US petroleum use was lower by nearly 4 million b/d in 2003 "than it would have been without the ef...
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