Wednesday, March 4, 2009

U.S. Oil Demand Hit Lowest Point in Decade

U.S. oil demand in December was revised down by 4.0 percent from an early estimate to a final number of 19.199 million barrels per day, bringing consumption for the year to its lowest level since 1998, the Energy Information Administration said Friday.

U.S. oil demand in December was 794,000 bpd lower than the previous estimate of 19.993 million bpd and down 1.520 million bpd, or 7.3 percent, from oil demand of 20.719 million bpd a year earlier, the agency said.

U.S. oil demand for 2008 was down 6.1 percent, or 1.261 million bpd lower, to 19.419 million bpd, compared with 2007, the lowest yearly demand level since 1998, the EIA said.
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