US petroleum consumption declined to 18.1 million barrels per day (bpd) final 12 months, the bottom degree in 25 years, the Vitality Data Administration (EIA) stated on Thursday.
Petroleum consumption within the transportation sector plunged by a record-breaking 15% in 2020 in comparison with a 12 months earlier. Oil consumption declined in each single energy-consuming sector, the EIA stated in new estimates of US petroleum merchandise consumption by supply and sector for final 12 months.
Lockdowns and different measures to include COVID throughout the USA in 2020 had been the important thing cause for decrease petroleum consumption, particularly within the transportation sector the place consumption of gasoline, diesel, and jet gasoline plunged.
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Consumption of essentially the most consumed petroleum product within the US, motor gasoline, slumped by 14% to eight million bpd final 12 months, which was the bottom degree of gasoline consumption within the nation since 1997, EIA knowledge confirmed. Gasoline accounted for as a lot as 44% of complete US petroleum consumption final 12 months. The transportation sector makes up 96% of the motor gasoline consumption, whereas the commercial and industrial sectors devour the remaining.
Diesel gasoline consumption additionally fell, by 8% in 2020 in comparison with 2019.
Diesel accounted for 21% of US petroleum consumption final 12 months. Usually, over three-quarters of all diesel gasoline is utilized by vans, ships, and trains within the transportation sector.
Jet gasoline consumption noticed the steepest decline, by 62%, to ranges final seen in 1983. Jet gasoline and aviation gasoline accounted for six% of complete US petroleum consumption final 12 months.
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Total, EIA estimates confirmed final month that US consumption of petroleum, pure gasoline, and coal slumped by 9% in 2020, reaching the bottom degree since 1991 and marking the largest annual lower in US fossil gasoline consumption in each absolute and proportion phrases since at the very least 1949. Demand for petroleum merchandise, which accounted for 44% of fossil gasoline consumption in the USA, plunged by 13% final 12 months in comparison with 2019.
This text was initially revealed on Oilprice.com