facebook
twitter
rss
account
search
search
 

American Petroleum Institute: U.S. crude oil imports at longtime low

Feb. 21, 2014 at 5:59 AM   |   Comments

WASHINGTON, Feb. 21 (UPI) -- The American Petroleum Institute said the United States imported less crude oil in January than at any time since the late 1990s.

The API said crude oil imports of 7.5 million barrels per day marked a 5.2 percent decline year-on-year and the lowest level in 17 years.

The organization attributed the decline to higher domestic crude oil production.

"Domestic crude oil production remains strong," API Chief Economist John Felmy said in a statement Thursday.

The API said January crude oil production of approximately 9.1 million bpd was the highest for any January since 1988.

The amount of crude oil in the nation's inventory last month was 361.1 million barrels, a 4.4 percent drop from January 2013.

Demand for gasoline increased 1.1 percent in January when compared with last year but was down 5.2 percent from December.

Felmy said the extreme winter weather this season created a higher demand for petroleum products used for heating.

Topics: John Felmy
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Russian bank boss feeling sanctions pain Russian bank boss feeling sanctions pain
2
Ukraine's State Guard Service receives armored personnel carriers Ukraine's State Guard Service receives armored personnel carriers
3
Navy's Triton surveillance drone flies cross-country Navy's Triton surveillance drone flies cross-country
4
Additional sub-components being made for Ballistic Missile Defense radar Additional sub-components being made for Ballistic Missile Defense radar
5
Army deploying JLENS radar system to help protect Washington, D.C. Army deploying JLENS radar system to help protect Washington, D.C.
Trending News
Video
x
Feedback