Drumbeat: January 19, 2013

U.S. Oil Demand Falls to 16-Year Low, API Reports

U.S. oil demand fell to the lowest level in 16 years in 2012 as economic growth weakened while domestic output surged the most in more than 150 years, the American Petroleum Institute said.

Total petroleum deliveries, a measure of demand, dropped 2 percent from 2011 to 18.6 million barrels a day last year, the lowest level since 1996, the industry-funded group said in a monthly report today. Oil production increased the most since 1859 to the highest level in 15 years, the API said.

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