U.S. Petroleum Demand Sees Largest Drop since Early 1980s

According to the American Petroleum Institute, total U.S. petroleum deliveries, which dropped more than 4 percent in October, have fallen 5 percent from January through October, a rate not seen since the early 1980s. The API explains how dropping gas prices at the local gas dealership has not converted to consumers jumping in response.

Total domestic deliveries, a measure of demand, averaged just 19.6 million barrels per day in the January-to-October period, the lowest since 2000.

“Not only have higher prices for much of 2008 been altering consumers’ behavior, but more recent economic uncertainties have increasingly been putting a damper on demand, as well,” said API statistics manager Ron Planting. [American Petroleum Institute]