The U.S. Energy Boom Is Still On
With this week’s Energy Information Administration report released Wednesday, the U.S. energy boom is continuing its upward climb. While petroleum imports ticked up slightly over the last week by 189,000 barrels per day, the average still remains 7.7 million for the week, 1.1 million less than last year, according to the report.
Moreover, demand seems to have increased, in line with the International Energy Agency’s (IEA) global forecast. Crude inventories decreased by 6.9 million over the last week, and the total amount of petroleum products supplied over the past four weeks was 19.5 million barrels per day, a 3 percent increase from the same period last year.
A separate report by the EIA found that while the number of refineries has ticked down in the United States, operating capacity is actually trending upwards.