Despite the dip in gasoline demand, US refinery production of gasoline was up 0.6% over August 2010 and was higher for the first eight months of the year than any previous January-through-August period. Production of distillate fuel and jet fuel were also up, with distillate fuel production setting a record for any August and for any year to date. Refinery inputs remained above 15,000 barrels per day for the third month in a row but were lower than in August a year ago.

At 1.6 million barrels per day, total imports of petroleum products were down from last year by 11.0% to a 14-year low for August. Crude imports fell by 1.8% to 9.4 million barrels per day. Canadian imports of crude oil showed a 7.0% jump from last year to average 2.1 million barrels per day for August.

Crude oil production fell to a three-year low for the month, slipping to its lowest level in 2011 to 5.1 million barrels per day. However, year to date, crude production was higher by 1.1% compared with 2010. Production in the lower-48 states was down by 6.3%. According to Baker Hughes Inc., total oil and gas rigs jumped by 57 to 1,957, a three-year high.

For the third time this year, crude oil stocks showed year-over-year declines, yet this stock level was still the second highest for any August since 1990, after August 2010. Total stocks of oil and products were down 6.5% from last year and down 0.7% from June 2011 levels. Motor gasoline stocks fell on a monthly and yearly basis to 210.0 million barrels, but they still were the second-highest for the month of August since 1998. Distillate fuel stocks rose from July levels but were down from last August by 8.0%.