U.S. refineries produced more gasoline in March --9.3 million barrels a day--than in any month since API began keeping records. Furthermore, March gasoline deliveries (a key measure of gasoline demand) were higher than in any previous March.

As reported in API's Monthly Statistical Report released this morning, total deliveries of petroleum products--gasoline, distillate (heating oil and diesel fuel), kerosine-jet fuel and residual fuel oil--rose 3.5 percent from the same month a year ago.

API Chief Economist John Felmy says the statistics indicate that supplies are ample:

"U.S. refineries are doing yeoman's work meeting consumer demand. Moreover, the record gasoline production in March makes it abundantly clear that supply is not an issue with the higher gasoline prices we've seen. Sharp... more »

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 a... more »

One of the most reliable barometers of drilling activity is the Baker Hughes rig count. Since 1944, Baker Hughes, an oil services company that produces drill bits, has been issuing weekly counts of U.S. and Canadian rotary drilling rigs that are actively drilling for oil and natural gas. The weekly figures are released at noon on the last day of the work week and are regular features in many energy industry magazines and newsletters.

Last Friday, Oct. 16, the rig count in the United States totaled 1,040. Compared to the previous week, the count was down by one. In Canada last week, the rig count totaled 250, which was 11 higher than the previous week. In both cases, last week's rig counts were significantly lower than at the same time in 2008.

During the past several years, the rig count h... more »