By the OGJ Online Staff
HOUSTON, Jan. 17 -- US gasoline prices remained basically unchanged at $1.11/gal for the week ended Jan. 11 after rising for 3 weeks in a row, said the American Petroleum Institute.
"Rising crude oil prices are largely responsible for the modest increase in gasoline prices since mid-December," said API.
Fluctuations in oil prices are the most important cause of gasoline price swings over the long terms, said API, noted that last year the US imported almost 60% of its petroleum needs.
During the most recent week, crude closed trading at $19.68/bbl, somewhat above recent year lows of around $18 early in December.
"Gasoline demand remains healthy -- up 1.3% in the fourth quarter of 2001 on a year-over-year basis -- and refiners continue to supply significant amounts to US consumers," said API.
It said gasoline production for the week ended Jan. 11 averaged more than 8.1 million b/d. Nationwide inventories, including both conventional and reformulated gasoline, remained above average for this time of year and are higher than in the same week a year ago.
Total inputs into the nation's 152 refineries were 2% less than in the same period last year. Refineries nationwide ran at 89.4% of capacity, down 1.5 percentage points from the previous week. Production of distillate fuel -- used as diesel fuel and heating oil -- was at a time-of-year record at more than 3.6 million b/d.
