U.S. gasoline production and gasoline demand set new records for a February, according to API's Monthly Statistical Report issued this morning.
February gasoline production increased 0.4 percent to a record February high of 8.8 billion barrels per day. Meanwhile, gasoline demand grew by 2.2 percent over the same month a year ago.
Gasoline (and components) imports fell in February by 25.9 percent from the same period last year to 813,000 barrels per day.
"These numbers clearly show that the refining industry is making the gasoline consumers are demanding--and making it at record levels," API Chief Economist John Felmy said.
U.S. crude oil production also increased in February to the highest level since June 2005. Baker Hughes reported the U.S. rig count climbed by 6.6 percent over January and 2.3 percent from February 2009. In North Dakota, which has experienced an oil boom in the Bakken Shale region, the rig count topped 100 for the first time in three decades.
Demand for Ultra-Low Sulfur Diesel (ULSD) fuel remained sluggish in February. Total distillate deliveries fell 6 percent from a year ago.
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