WASHINGTON, June 22, 2012 - Total petroleum deliveries (a
measure of demand) rose half a percent in May over the same
month last year to 18.5 million barrels per day. Gasoline
demand was up 0.4 percent, but, for the first five months
of 2012, was 0.6 percent below the same period a year ago.
May distillate demand was up 2.0 percent, though down 1.5
percent for the first five months. Jet fuel demand rose in
"Despite the positive movement, fuel demand is still not
strong," said API chief economist John Felmy. "Weak growth
in the United States, stubborn unemployment, and a world
economy doing little better than treading water are
contributing to this. Gradually improving vehicle fuel
efficiency may also be a factor."
Supplies of refined products were ample. U.S. refinery
production of all four major products - gasoline,
distillate, jet fuel and residual fuels - outpaced domestic
demand. U.S. gasoline production of 9.092 million barrels
per day was above 9.0 million barrels per day for the
second month in a row and at the third highest May
Refinery utilization was 85.9 percent for the month, up 0.4
percentage points from May 2011. Total refinery inputs in
May were 0.7 percent higher than last year.
Exports of refined products increased 19.3 percent this May
over a year ago.
Imports of crude oil and refined products fell in May by
10.4 percent to average 10.5 million barrels per day.
Imports of crude oil declined in May by 1.3 percent to
average 8.9 million barrels a day. Canadian crude imports
made up nearly 23 percent of total crude oil imports for
Domestic crude oil production rose by 8.5 percent in May to
average 6.1 million barrels per day. North Dakota
production in May set a record at 574 thousand barrels per
day, eclipsing production from Alaska, which fell 5.0
percent to 572 thousand barrels per day.
The number of oil and gas rigs increased from 1,962 in
April to 1,977 in May, according to the latest reports from
At the end of May, crude oil stocks at 384.1 million
barrels were up 3.9 percent from last year and up 2.5
percent from April levels. Gasoline stocks posted declines
for the month, down 4.0 percent from a year ago and down
2.3 percent from month ago levels.
API represents more than 500 oil and natural gas companies,
leaders of a technology-driven industry that supplies most
of America's energy, supports 9.2 million U.S. jobs and 7.7
percent of the U.S. economy, delivers more than $86 million
a day in revenue to our government, and, since 2000, has
invested over $2 trillion in U.S. capital projects to
advance all forms of energy, including alternatives.