Report: Demand for gasoline lowest since June 2004

The American Petroleum Institute reports that levels of demand in gasoline have fallen to levels not seen since June 2004, spurred on by an overall increase in the fuel-efficiency of the U.S. vehicle fleet and the sluggish economy.

In June, Americans were consuming on average, 9.18 million barrels of gasoline per day, 0.5% lower than one year ago. The average price-per-gallon in America however, is now $.25 higher than it was one year ago.

U.S. oil production has been erratically declining since the 1980″s having dipped from an average high of 9 million barrels daily to 5.5 million barrels daily. The country still meets approximately 28% of its daily need from domestic production, with about 3.1% of the total supply being a product of Alaska.

– By: Stephen Calogera

Source: USAToday