By David Bird
NEW YORK--U.S. oil demand in May rose 1.9%, or 344,000 barrels a day,
from a year earlier to 18.707 million barrels a day, revised
government data released Monday show.
The gain, led by a 2.4% jump in gasoline demand amid sliding prices,
was the first year-on-year rise in the world's biggest oil consumer
since March 2011 and the biggest since January 2011, data from the
Energy Information Administration show.
Prior to the rise reported in the May data, U.S. oil demand had fallen
by an average of nearly 550,000 barrels a day in the 13 months
beginning in April 2011.
Total demand was the highest in any month since February and was up
424,000 barrels a day, or 2.3%, from the April level.
The revised May demand figure was 0.8%, or 142,000 barrels a day,
above preliminary demand estimates the month.
Demand for gasoline, the most widely used petroleum product, rose by
212,000 barrels a day from a year earlier, to 8.996 million barrels a
day, the most in any month since June 2011 and 2% above the April
level.
The year-on-year rise in gasoline use was the most since September
2009, EIA data show.
The jump in gasoline use at the start of the summer driving season
followed a slim 0.6% year-on-year rise reported in April. Prior to
April, gasoline use had fallen by an average of 260,000 barrels a day
from the year-earlier level over the previous 13 straight months, a
time when prices were rising sharply.
The national average retail price for regular gasoline was $3.732 a
gallon in May, down 4.5% from a year ago, and the lowest monthly
average since February.
May's average retail gasoline price showed the first year-on-year drop
since December 2011 and the biggest decline since October 2009. The
drop in May of 4.3% vs April was the biggest month-to-month price drop
since June 2011.
Part of the large jump in year-on-year gasoline demand in May can be
attributed to extremely weak demand a year ago, the EIA said. May 2011
gasoline use was at a 10-year for the month, as retail prices were
38%, or $1.07 a gallon, higher than a year earlier, Tancred
Lidderdale, EIA analyst noted. The May 2011 average pump price for
regular gasoline, at $3.906 a gallon, was the third highest on record
and the most since the peak average of $4.062 a gallon in July 2008.
Write to David Bird at david.bird@dowjones.com
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(END) Dow Jones Newswires
July 30, 2012 12:29 ET (16:29 GMT)
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