API: Highway diesel led '04 surge in US oil demand

US petroleum demand grew at its strongest rate in 5 years during 2004, partially due to a nearly 7% demand increase for highway diesel fuel, the American Petroleum Institute said. Product deliveries grew 2.3% to an average 20.5 million b/d. Click here to enlarge imageEconomic growth in 2004 also was the strongest in 5 years, which strengthened petroleum demand, API officials said as they released the association's yearend statistics. Substantially higher prices for crude oil and petroleum products, including gasoline, dampened oil product demand growth in many instances, they said (Fig. 1).Diesel fuel was an exception."The year's robust economy produced more goods, and they neede...

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