US oil demand hits 17 year low for November

US petroleum demand remained weak in November, averaging 18.5 million b/d and reaching the lowest level for the month in 17 years, the American Petroleum Institute reported.

Deliveries, which API uses to measure demand, were down 3.3% from November 2011 and 0.2% lower than in October, it said in its latest monthly statistical review.

Gasoline demand, which averaged 8.5 million b/d, modestly fell 0.3% year-to-year, according to API. Distillate fuel oil demand dropped by a bigger percentage—6.3%—to 3.8 million b/d, it said.

“The economy has shown modest improvement—in employment, for example – but the fundamentals of fuel demand fail to indicate a strengthening recovery is imminent,” API Chief Economist John C. Felmy said.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

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