API: Gas Demand Fell in Late 2007

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API: Gas Demand Fell in Late 2007

01/21/2008
WASHINGTON -- U.S. demand for gasoline fell about half a percentage point during the fourth quarter of 2007, and 1.3 percent in December, due to a slowed economy and higher pump prices, the Houston Chronicle reported, citing a recent report by the American Petroleum Institute (API).

Gas demand averaged 9.235 million barrels a day in the fourth quarter of 2007, down slightly from 9.283 million barrels a day in the fourth quarter of 2006, API stated. In December 2007, demand slid to 9.221 million barrels a day, compared to 9.338 million barrels a day for the year-ago period, according to the report.

"Consumers appear to be responding to the higher prices," John Felmy, chief economist for the API, told the Chronicle.

However, for the entire year, gas demand rose about half a percentage point compared to 2006, the report stated.