US oil demand falls -800,000 barrels per day compared to 2007

[jpak]

http://www.forbes.com/reuters/feeds/reuters/2008/08/12/2008-08-12T194710Z_01_SP60371_RTRIDST_0_MARKETS-OIL-UPDATE-7.html

Oil fell to $113 a barrel Tuesday after government data showed the steepest decline in U.S. crude demand in 26 years, adding to mounting concerns about global consumption.

U.S. oil demand during the first half of 2008 fell by an average 800,000 barrels per day (bpd) compared to the same period a year ago, the biggest volume decline since 1982, the Energy Information Administration reported.

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The EIA also lowered its global oil demand growth forecast by 80,000 bpd in 2008 and 370,000 bpd in 2009, with the U.S. demand forecast for this year cut by 70,000 bpd and by 160,000 bpd in 2009.

In a separate report released Tuesday, the International Energy (otcbb: IENI.OB - news - people ) Agency left its oil demand growth outlook virtually unchanged for this year but raised its 2009 forecast slightly.

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on edit: the USGS estimates that opening the US OCS would produce 200,000 bpd and that ANWR would produce ~700,000 bpd of new production...