Posted on 10/19/2005 8:05:05 AM PDT by Chuck54
SAN FRANCISCO (MarketWatch) -- U.S. gasoline deliveries, a key measure of demand, fell almost 4% in September to log their biggest year-to-year decline in more than a decade, the American Petroleum Institute reported Wednesday morning.
"Motorists apparently found ways to manage fuel use and travel more efficiently in the face of higher September gasoline prices following Hurricanes Katrina and Rita striking along the U.S. Gulf Cost," the API said in a monthly report.
At the same time, September domestic crude output fell 22% from a year ago to 3.95 million barrels per day -- its lowest level since 1943, the API said.
For the third quarter, crude output averaged 4.8 million barrels per day, "the lowest quarter in more than 50 years," it said.
Refinery capacity utilization reached its lowest level for the month of September in 20 years, the API said. It averaged 82.7% for the month, with one-fifth of the county's refining capacity not in operation by the end of September in the wake of Katrina and Rita.
My job requires lots of driving, so unfortunately I've only been able to cut about 5% - 10% off my driving.
Use less. Your costs and the prices will both go down.
Gas in very northwest Georgia (Dade Co.) is only $2.61. May be up today, but this was yesterday.
HOLD ON! :)
According to Bloomberg yesterday, the demand numbers are including an export of 1mbpd that is probably not being sold abroad. This would mean a boost of 1mpbd to the demand numbers. Net would mean that demand is up, but at a historically weak increase.
Personally, I think the truth is somewhere in between. I doubt that they're still shipping 1 mbpd out of the country, but I do think there's some weakness in demand. Combine those two and you would have a recipe for increase in stockpiles, which is what we're seeing.
You misread. It wasn't refinery output, it was domestic crude oil production that dropped.
Hey, it's not about me. I'm lucky enough to take mass transit to work each day, and am paying no more than I did in June.
The U.S. and world have reached a level of supply and demand for crude oil that dictates prices about $2.00 a gallon. China and India are only going to increase demand over time as their populations join the modern world. Individual conservation in the U.S. could have a short-term effect, but only if it becomes permanent, which is both unlikely to happen and unlikely to not piss off people in its own right if it requires big lifestyle changes.
Gas prices in KC, MO area are already under $2.28/gallon
So it seems that the hurricanes knocked about 1 million barrels a day out of our production, and caused gas price and oil heating spikes that the democrats all call "disastrous" and a sign of the "utter failure" of the administration.
But when we talk about ANWR, the democrats say that an extra million barrels a day of output would be meaningless.
We need to hammer this home the next few months, until we get ANWR opened.
"I honestly don't see gas going below 2.00 a gallon ever again."
You are an optimist!
Good for you! Saving money and having a healthy lifestyle is a win-win.
Don't say that around Willie Green or A.Pole!
I dropped 5 mph off my driving, stopped accelerating/decelerating so much, and re-inflated my tires to close to their rated max (higher than recommended -- recommended is for driver comfort).
According to my readout, I've increased my gas mileage about 5mpg, although it's hard to say for sure because each tank is different as I drive differently. I had two tanks just over 50mpg when I was taking some road trips.
Now I'm doing only short trips, and I'm at about 47mpg. When I didn't care, that was about 42mpg (but I got to work at least 30 seconds quicker on average...)
We have some gas stations below $2.50 now. I think I heard of a $2.43. (northern virginia)
Except that demand peaks near the end of the summer, and drops in the fall/winter (for gas).
Also I think they have waived some rules about different mixes of gas, and that should keep prices a little lower until they reinstate the rules.
Did the energy bill fix this, or not?
i probably should have said in fayetteville is 2.80. raleigh it is 2.55.
You may find it cheaper to burn a drop or two more gas for the safety & comfort soft grippy tires provide.
Forgive me, but I can not stand it when the LSM/MSM screws up economic reporting.
High prices do not reduce demand, they reduce CONSUMPTION. Low prices do not increase demand, they increase CONSUMPTION.
Demand is the entire range of consumption over various price levels, for a given, usually short-term, period of time.
Prices can affect long-term demand, if people's expectations of further high prices lead them to buy smaller cars or add additional insulation to their homes or change their habits to car pool more often.
Demand is a predicted behaviour, and this is exactly what could be happening under the same demand conditions we had last summer.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.