Interesting News Release this Morning (Not AIPN Specific)
Here's a news release showing the increasing dependence on oil
and need to find new sources. The relative stability of the Kazhak
region combined with their willingness/desire to do business with
American companies makes this one positive for AIPN.
This article seems to indicate that oil production in other sources
for US companies is also decreasing (Alaska and Domestic). These
companies will be wanting to get into other reserves.
We definitely need more oil.
Cheers!
Kyle..
U.S. July oil demand jumps 4.3 pct from 1996--API
WASHINGTON, Aug 13 (Reuter) - U.S. demand for petroleum jumped 4.3 percent in July from the same month a year ago to average 18.9 million barrels per day, buoyed by a surge in demand for distillates and gasoline, the American Petroleum Institute said Wednesday.
Distillate demand climbed a surprisingly strong 9 percent from a year ago to average 3.29 million bpd, with growth split between high sulfur and low-sulfur products, the API said in its monthly statistics. Transportation demand for distillates continued to grow strongly, it said.
Gasoline demand grew 3.2 percent in July from a year ago to average 8.42 million barrels per day, marking the largest year-to-year increase since October.
But the API said part of that gain was caused by trading day effects, and the actual increase appeared to be in line with the roughly 2 percent growth path of recent months.
Deliveries of reformulated gasoline reached a new high of 2.76 million bpd in July, up 13.6 percent from July 1996.
In other products, demand for kerosine jet fuel increased 6.1 percent last month from a year ago to average 1.7 million bpd, passing expectations and spurred by strength in the economy.
Demand for residual fuel oil rose 1.8 percent from a year ago to average 912,000 bpd in July, boosted by hot weather in the Northeast that increased air-conditioning use of electricity.
Demand for other oils averaged 4.77 million bpd in July, up 1.5 percent from a year ago, slowing from the stronger increases of recent months.
Total petroleum imports edged up a slight 0.2 percent last month to average 9.84 million bpd, with growth in crude imports offsetting a drop in products imports.
Gasoline-related imports accounted for the biggest part of the 10.8 percent decline in products imports, the API said.
Led by declines in crude and gasoline, total inventories in July fell by about 15 million barrels, ending the month at less than 1 billion barrels. Still, stocks were up about 25 million barrels from the same time last year.
Domestic crude production slipped 0.6 percent last month to average 6.30 million bpd, down from 6.34 million bpd in July 1996. Alaska production fell to a recent-year low at 1.23 million bpd, down nearly 90,000 bpd from last year.
July's inputs to crude distillation units were up 4.0 percent from a year ago to average 15.06 million bpd from 14.48 million bpd a year ago. |
