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US Petroleum Deliveries Down 4% in October; YTD Rate of Decline Not Seen Since Early 1980s
20 November 2008
Total domestic petroleum deliveries fell more than 4% in October compared with a year ago, contributing to a substantial year-to-date decline of more than 5% to 19.6 million barrels per day, according to the latest monthly statistical report from the American Petroleum Institute.
A level for January-October deliveries of similar size has not been experienced since the year 2000, and a rate of decline of similar size has not been witnessed since the early 1980s, according to the API.
All the major products—gasoline, distillate, jet fuel, and residual fuel oil—have shared in 2008’s sluggish deliveries, with year-to-date declines ranging from 2.6% for gasoline to nearly 19% for residual fuel oil.
Gulf of Mexico crude oil production in October recovered more than half of the output sent offline by Hurricanes Gustav and Ike in September. Nevertheless, lower 48 crude oil production was still 7.2% lower than a year earlier at 4.0 million barrels per day.
According to government estimates, more than half a million barrels per day of crude oil production, on average, was still shut in during October, as was nearly 3 billion cubic feet per day of natural gas production. A production increase in Alaska moderated the year-to-year decline for total US crude oil production to 5.1%.
Input to refinery distillation units rebounded to 14.9 million barrels per day, up by more than 14% from September, but still below year-ago levels by 2.4%. Production of all major products rebounded as well from September. Compared with year-ago levels, industry production of gasoline and distillate fuel oil were up, but jet fuel and residual fuel oil output lagged.
September’s 12.0 million barrels per day of crude and product imports, in the wake of the hurricanes, had been the lowest in over four years. However, imports recovered in October to 13.7 million barrels per day, 5.8% higher than a year ago and their highest level since July 2007. Gasoline imports alone were up nearly 25% from a year ago to reach 1.35 million barrels per day, the second highest ever for that month after October 2005’s surge following Hurricanes Katrina and Rita.
November 20, 2008 in Brief | Permalink | Comments (3) | TrackBack (0)
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Posted by: Paul | November 20, 2008 at 11:10 AM
8 cents a millisecond, roughly 0.008 pennies per microsecond (according to your calcs which I did not vet).
I would imagine October's increase was to replenish stocks which had been depleted and not completely due to a resurgence of use.
Posted by: | November 20, 2008 at 12:04 PM
Agreed, but still, I was using a rough figure of $130 billion a year at $80 clams per barrel. I was way, way low.
Posted by: Paul | November 20, 2008 at 04:31 PM
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Somebody check my math, this can’t be right.
So according to oil’s own association we’re spending $685,000,000 a DAY importing oil?
$50 per barrel x 13.7 million barrels per day
Good lord, that’s $ 250,025,000,000 a year, 250 billion! That’s twice what I’ve been going on to make my point even at 50 bucks a barrel.
$2,8541,666.67/hour, $475,694.44/minute, $7,928.24/second, it’s like a penny a microsecond!
That's more than A-Rod makes!