Total petroleum deliveries, a measure of demand, rose 2.2% from July 2014 to average nearly 19.6 million b/d last month, according to the American Petroleum Institute’s most recent Monthly Statistical Report . “Demand for and production of oil and refined products grew across the board over the last year,” said API Chief Economist John Felmy. “In fact, demand for and production of oil and refined products were the highest July in 8 years, since 2007.” Gasoline demand rose 2.1% last month from July 2014 to just above 9.4 million b/d, and distillate demand rose 1.1%. US crude oil production increased 8.8% from July 2014 to an average of 9.5 million b/d—the highest July level since 1920. Natural gas liquids production averaged nearly 3.4 million b/d, marking the highest for the month on record and the new all-time record. According to the latest reports from Baker Hughes Inc., the number […]