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Oil demand in US lowest.

Byline: WASHINGTON:

Battered by high gasoline prices and a dismal economy, US oil demand fell to its lowest level in 10 years in 2008, an Energy Information Administration (EIA) report said.

US petroleum demand for 2008 was down 6.1 per cent, or 1.261 million barrels per day (mbpd), at 19.419 mbpd. Oil consumption declined globally in 2008 as major world economies, including the US, fell into recession. "People are hurting," said Tancred Lidderdale, an analyst with EIA. "They aren't driving as much, aren't buying as many goods that are shipped by truck, and new homes aren't being built." The EIA is not expecting oil demand to recover in 2009, as the US economy will remain weak. "I think we're closer to a bottom because some of this economic activity is going to filter into the markets," said Phil Flynn, an analyst at Alaron Trading in Chicago. "I still think we can see some more weakness in demand at least in the foreseeable future," he added.

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Publication:Oil & Gas News
Date:Mar 11, 2009
Words:189
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