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U.S. Fuel Production Sets New Record
March 1, 2008
U.S. fuel production reached a record high in 2007 as refinery capacity expanded for the 11th straight year, API data shows. U.S. crude oil production also rose in 2007, the first annual increase since 1991, according to API’s year-endMonthly Statistical Report. The API statistics also showed that U.S. oil demand was flat in 2007, the third straight year of stagnant or lower oil demand in the world’s largest oil-consuming nation. As a result, total oil imports fell 1.9% from year-ago levels, though imports still cover about 65% of U.S. oil demand.