Wednesday, July 27, 2005

Growth in U. S. Petroleum Product Demand in 2005

This Week In Petroleum reports:
gasoline demand growth in the first half of 2005 will likely exceed the 0.7 percent rate recorded by published data so far, the second half of the year appears likely to grow at an even stronger rate. Thus, when all is said and done, growth in U. S. gasoline demand in 2005 seems more likely to average at or above trend growth (of about 1.5 percent) than below it. A table comparing the demand data in both the PSM and PSA for the major products in each month in 2004, is shown at the bottom of this section.

In summary, the upward revision in 2004 data will not necessarily pull down 2005 demand growth significantly. While high oil prices have certainly tempered demand, compared with the even higher levels that would otherwise have occurred, it is too early to conclude that demand growth will fall significantly, if at all, below normal rates.

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