From the American Petroleum Institute’s year-end statistics:
WASHINGTON – U.S. fuel production reached a record high in 2007 as refinery capacity expanded for the 11th straight year, API data show. U.S. crude oil production also rose in 2007, the first annual increase since 1991, according to API’s year-end Monthly Statistical Report.
The API statistics also showed that U.S. oil demand was flat in 2007, the third straight year of stagnant or lower oil demand in the world’s largest oil-consuming nation.
“While much of the increase in crude oil production represents a recovery from 2006’s depressed levels, our latest drilling figures show tremendous industry efforts to develop additional supplies from those regions that are open to exploration,” said Ron Planting, manager, information and analysis, for API.
Given the higher domestic production and flat demand, total oil imports fell 1.9 percent from year-ago levels, though imports still cover about 65 percent of U.S. oil demand.
December summary here.
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