Demand was down 4.3 percent in May 2002 from the same period last year, according to the American Petroleum Institute (API). In the same period, gasoline demand, as measured by how much product was delivered by refineries and bulk terminals, fell 1.8 percent from May 2001. Refinery output was also down, according to the report. Output was 15.383 million barrels per day, 4 percent lower than a year ago. With the exception of gasoline, which was up by 14.2 percent, petroleum imports were down by 4.4 percent from last year. The report also noted an increase of 15.8 percent in crude oil imports from Canada, which is currently the largest supplier to the U.S. The report concluded that at the end of May, gasoline stocks were up by 2.4 percent and distillate stocks, which include diesel fuel and heating oil, were up 18.5 percent.

Originally posted on Fleet Financials