11 January 2012 17:28 [Source: ICIS news]
HOUSTON (ICIS)--US consumption of finished gasoline slipped to 8.179m bbl/day for the first week of January, the lowest consumption rate since February 2003, the US Energy Information Administration (EIA) reported on Wednesday.
Finished gasoline refers to the stage of gasoline in the supply chain where it has reached primary sources, such as blenders and terminals, before delivery to the retail stations.
For the week ended 7 February 2003, the EIA reported consumption of 8.106m bbl/day.
Consumption the week of 6 January fell by 377,000 bbl/day from 8.556m bbl/day the prior week.
Consumption during the four weeks between 10 December to 6 January averaged 8.634m bbl/day of finished gasoline, compared with 9.071m bbl/day for the same four week time period a year earlier.
This contributed to the build in stockpiles for the week of 6 January. Inventories of motor gasoline were at 223.8m bbl, up 3.6m bbl from the prior week.
A slightly lower production rate did little to dent the build in inventories. Production fell to 8.601m bbl/day for the week of 6 January from 8.655m bbl/day for the week of 30 December.
The EIA’s Short-Term Energy Outlook released on Tuesday said motor gasoline consumption would continue to fall by an average of 20,000 bbl/day in 2012 compared with 2011. The lower consumption rates reflect the slowing growth of the driving-age population and the improvement in fuel economy of new vehicles.
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