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API official: U.S. petroleum demand suggests stronger economy

Dec. 20, 2013 at 5:51 AM
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WASHINGTON, Dec. 20 (UPI) -- American Petroleum Institute Chief Economist John Felmy said the increase in petroleum demand for November suggested the U.S. economy was getting stronger.

"Last month's increase in demand reflected gathering strength in the broader economy," Felmy said in reference to the API's report that petroleum deliveries increased by 4.9 percent over November of 2012.

The API said 8 million barrels per day were produced on average in November, a 25-year high. That figure is in line with reports last week from the U.S. Energy Information Administration.

Felmy said that, in general, U.S. energy production gains were making life easier on U.S. consumers.

"As the EIA said this week, growing domestic production is helping consumers by putting downward pressure on prices," he said.

The Conference Board, which publishes a regular series of economic indices, said Thursday its index of leading U.S. economic indicators jumped 0.8 percent in November following a 0.1 percent rise in October. The board said the trend suggested a gradually strengthening economy.

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