Subscribe free to our newsletters via your
. Space Travel News .

API sees strong U.S. energy sector
by Daniel J. Graeber
Washington (UPI) Jul 17, 2015

disclaimer: image is for illustration purposes only

Data published by the American Petroleum Institute show the U.S. energy sector is thriving, with consumption and production on the rise.

API reported gasoline demand in particular was on the rise, with deliveries from refineries increasing 2.6 percent during the second quarter compared to last year for the highest level for any month since August 2007.

"Demand for and production of oil and refined products grew almost across the board over the last year," API Chief Economist John Felmy said in a statement. "Notably, gasoline demand last month reached the highest level since the summer of 2007."

Motor club AAA said U.S. consumers are reaping the economic impacts of lower gasoline prices during an era when crude oil markets are depressed. The $2.76 national average retail price for a gallon of gasoline is 23 percent, or 83 cents, less than this date in 2014.

Crude oil prices, meanwhile, are well below levels from last year. At $57 per barrel, Brent crude oil is down 45 percent year-on-year.

Crude oil prices are lower in part because the market is skewed heavily toward the supply side in a global economy climate weighed down by weak performance in countries like the United States and China.

Nevertheless, API reports total U.S. petroleum deliveries, a measure of demand, grew 4.2 percent from May to June and 3.7 percent year-on-year. Crude oil imports, meanwhile, fell 1.1 percent to just under 7 million barrels per day.

A depressed crude oil market has forced most energy companies to spend less on exploration and production. Oil services company Baker Hughes in its latest report on the sector said the number of rigs actively exploring for or producing oil and natural gas in the United States declined 3.1 percent from May to 861 in June.

API reported crude oil production increased 12.5 percent year-on-year to 9.8 barrels per day on average last month.

"This was a new record level for the month of June and the highest for any other month since April 1971," the industry group said. "In the second quarter, crude oil production gained 12.9 percent year-over-year."

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
All About Oil and Gas News at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Canada set energy sector records last year
Calgary, Alberta (UPI) Jul 16, 2015
A federal Canadian report on the energy sector pointed to a strong 2014, though industry groups this year suggest rough waters are ahead in a weak oil market. The National Energy Board, the federal regulator, released a report on full-year 2014 production. Though crude oil prices fell roughly 50 percent from June 2014 to year's end, the NEB said the energy sector was resilient and expor ... read more

Baikonur Cosmodrome to Be Equipped With Viewing Platforms

India to launch its heaviest commercial mission to date

Final payload integration begins for next Ariane 5 launch

Licensed commercial spaceport to be built in Houston, Texas

Opportunity Rover's 7th Mars Winter to Include New Study Area

Opportunity Gets Back to Work

NASA wants to send microbes to Mars to prepare for human habitation

Could This Become the First Mars Airplane

Russia to Land Space Vessel on Moon's Polar Region in 2019

Moon engulfed in permanent, lopsided dust cloud

Crashing comets may explain mysterious lunar swirls

Google Lunar X-Prize meets Yoda

US spacecraft whizzes past Pluto in historic flyby

Houston, We Have Geology

NASA Missions Have Their Eyes Peeled on Pluto

Student Dust Counter Provides Clues About Solar System

Bricks to build an Earth found in every planetary system

Observing the birth of a planet

Precise ages of largest number of stars hosting planets ever measured

Can Planets Be Rejuvenated Around Dead Stars?

Engineers help NASA fine-tune new Space Launch System

String of cargo disasters puts pressure on space industry

US Space Command warns on overly fast Russian rocket engine phase out

Longest SLS Engine Test Yet Heats Up Summer Sky

Chinese earth station is for exclusively scientific and civilian purposes

Cooperation in satellite technology put Belgium, China to forefront

China set to bolster space, polar security

China's super "eye" to speed up space rendezvous

Philae phones home for the eight time

Rosetta spacecraft sees sinkholes on comet

Million-mile journey to an asteroid begins for ASU-built instrument

NASA Wants to Nuke Asteroids That Threaten to Destroy Earth

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.