Gasoline Demand Increased in October, API Reports

U.S. gasoline demand rose in October to the highest level for the month in three years as domestic crude production grew, the American Petroleum Institute said.

Gasoline deliveries, a measure of demand, gained 2.6 percent from a year earlier to 8.93 million barrels a day, the industry-funded API said today in a monthly report. Domestic output exceeded 7 million barrels a day for a 12th month.

“The United States continues to meet more and more of its demand with energy produced here at home,” said John Felmy, chief economist at the API.

Total petroleum deliveries increased 1.3 percent from a year earlier to 19 million barrels a day, the API said. Demand for distillate fuels, including heating oil and diesel, rose 3.3 percent to 3.98 million.

Jet fuel use gained 1.6 percent to 1.38 million barrels a day. Demand for all other oils, a category that includes liquefied petroleum gas, climbed 3.4 percent to 4.5 million.

Production jumped 12 percent to 7.77 million barrels a day, the highest level for the month in 25 years. Output in the lower 48 states gained 13 percent to 7.22 million in the lower 48 states and slid 0.2 percent to 546,000 in Alaska.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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