WASHINGTON, DC�The American Petroleum Institute reported that gasoline deliveries, a key measure of consumer demand, rose 0.8% to 8.148 million b/d in March despite substantially higher retail prices.
API said pump prices averaged $1.49/gal, up more than 50% from March 1999's near-record low. It said retail prices in March were more than 20�/gal lower than the price peaks during the 1990-91 Persian Gulf crisis and far lower than the $2.50 seen in the early 1980s (in 2000 dollars).
All other deliveries of major oil products declined in March, compared with the same month in 1999. Kerosine jet fuel dropped 2.4% to 1.676 million b/d, distillate fuel oil 4.2% to 3.660 million b/d, and residual fuel oil 27.7% to 680,000 b/d. API said demand for many of those fuels had been unusually strong in March 1999.
It said milder weather in the Northeast US pushed high-sulfur home heating oil deliveries down 19.2% in March, while low-sulfur diesel vehicle fuel deliveries rose 4.8% to 2.505 million b/d.
US crude production slipped 0.6% to 5.857 million b/d, compared with March 1999, despite world oil prices that peaked at $33.90/bbl. Natural gas liquids production was up 9.3% to 1.945 million b/d.
Oil imports dropped 2.2% to 8.561 million b/d, while refined products jumped 16% to 2.129 million b/d. Overall, the US imported 55.7% of its petroleum needs in March.
Crude inventories were down 12.3% to 294.7 million bbl, and total oil and products stocks were down 12.1% at 910.9 million bbl. Gasoline stocks were 6.1% below year-ago levels at 202.5 million bbl, and distillate stocks were off 21% at 99.3 million bbl.
API said the March refinery utilization rate was 90.2%.
