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Page added on February 27, 2009

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EIA: US Revised 08 Oil Use -6% Vs 07; At 10-Year Low

NEW YORK (Dow Jones)–Amid record-high oil prices and a weakening economy, U.S. oil demand fell in 2008 by 6%, or 1.26 million barrels a day, to a 10-year low of 19.419 million barrels a day, the latest government data show.

The drop reported by the Energy Information Administration on Friday was the largest decline since 1980, when prices surged and demand fell after the Iranian Revolution.

…Demand for gasoline, the most widely used petroleum product, fell 3.6%, or 330,000 barrels a day, in December from a year earlier, despite prices that were 44% below a year earlier. Demand was the weakest in December since 2002. Preliminary data has shown a decline of 2.4%, or 218,000 barrels a day, from a year earlier.

Full-year gasoline demand averaged 8.964 million barrels a day, the lowest since 2003, and down 3.5%, or 322,000 barrels a day from a year earlier.

…Demand for distillate fuel, the umbrella grouping for diesel fuel and heating oil, dropped 9.8%, or 409,000 barrels a day, in December to an eight-year low of 3.784 million barrels a day.

That’s a steep downward revision of 8.4%, or 349,000 barrels a day, from the preliminary data, which suggested a slim drop of just 60,000 barrels a day from a year earlier.

FX Street

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