facebook
twitter
rss
account
search
search
 

Cold weather impacts petroleum demand, API says

March 21, 2014 at 8:31 AM   |   Comments

WASHINGTON, March 21 (UPI) -- A lingering cold spell in much of the United States is suppressing the demand for petroleum and petroleum products, the American Petroleum Institute said.

API said the delivery of petroleum products, a measure of demand, declined 0.6 percent in February to 18.5 million barrels per day, the lowest average for any February since 1998.

API Chief Economist John Felmy said the cold weather was suppressing demand for petroleum products like gasoline.

"Cold weather tends to have a dampening effect on the economy, which helped reduce demand for many types of fuel in February," he said in a statement Thursday.

API said demand for gasoline declined 0.2 percent from February 2013, though it was up 1.1 percent from the previous month. January's gasoline demand of the equivalent of 8.4 million barrels per day, however, was a 13-year low for the month.

API said crude oil production in February increased year-on-year, but was 0.8 percent lower than in January. Crude oil imports rose 1.7 percent from February 2014 to 7.4 million barrels per day, though total imports of petroleum and petroleum products were down 2.3 percent year-on-year to the lowest level since 1996.

The National Weather Service says the average temperature for northern states from Montana to New York should be below average through June.

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.
Recommended UPI Stories
Most Popular
1
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
2
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
5
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
Trending News
Video
x
Feedback