WASHINGTON, August 15, 2019 – Total U.S. petroleum demand averaged 20.8 million barrels per day (mb/d) in July 2019, which represented a 0.9% year-over-year increase and the highest demand for the month since 2005, according to the latest Monthly Statistical Report released today by the American Petroleum Institute (API). The increase in demand came as the U.S. continued to sustain world-leading production, which continues to meet virtually all global oil demand growth. This production cushion combined with high refinery utilization is furthering U.S energy security and benefiting American consumers.
Highlights from the July 2019 Monthly Statistical Report include:
- Sustained world-leading crude oil production at a record pace of 12.0 mb/d year-to-date;
- Total U.S. petroleum demand of 20.8 mb/d was highest for July since 2005; and,
- Jet fuel demand for the month of July reached a new record of 1.8 mb/d.
“The continued ability of U.S. production to meet the world’s increasing energy needs is a testament to the shale revolution,” said API Chief Economist Dean Foreman. “With sustained production at a record pace of 12.0 mb/d year-to-date, and U.S. Energy Information Administration analyses predicting that natural gas and oil will provide more than half the world’s power for decades to come, the U.S. is increasingly well-positioned to cushion global oil markets and insulate consumers from external shocks and price volatility.”
API is the only national trade association representing all facets of the natural gas and oil industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API’s more than 600 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 47 million Americans. API was formed in 1919 as a standards-setting organization. In its first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.