HVAC Breaking News

Aug. 25, 2008: With High Prices, the United States Is Consuming Less Oil

WASHINGTON - A weak economy and continued high prices for crude oil and petroleum products are expected to cut petroleum demand in the United States by nearly 500,000 barrels per day on average for 2008, according to the U.S. Department of Energy’s (DOE’s) Energy Information Administration (EIA). The EIA’s Short-Term Energy Outlook notes that the decline in U.S. oil consumption for the first half of the year was the largest in the past 26 years.

Petroleum consumption dipped strongly for the first five months of 2008, falling 900,000 barrels per day below the consumption levels during the same period in 2007, but the consumption drop narrowed to 400,000 barrels per day in June and July. The EIA expects U.S. oil consumption to continue falling in 2009, dropping 120,000 barrels per day below the 2008 average.

The EIA also notes that the average monthly U.S. petroleum consumption has been lower than the year before for 12 consecutive months, a trend not seen since August 1991, when a struggling economy dampened petroleum demand.

Publication date: 08/25/2008

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Leslie McDowell

Leslie McDowell, director of communications at the Building Performance Institute Inc., discusses the nonprofit organization's new homeowner centric website. Posted on April 10.

More Podcasts

ACHRNEWS

NEWS 04-13-15 cover

2015 April 13

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Global Warming

Do you believe in man-made global warming?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con