U.S. petroleum demand increased to 20.8 million b/d in August
Monday, October 1, 2018
U.S. petroleum demand increased to 20.8 million b/d in August, which was up 250,000 b/d from July, according to the latest monthly statistics from the American Petroleum Institute.
Petroleum demand averaged 20.3 million b/d year-to-date through August, which was an increase of nearly 500,000 b/d over the same period last year, according to theOil & Gas Journal.
Consumer gasoline demand was 9.7 million b/d in August, which was .8 percent below that of August 2017. However, it was still the third-highest demand for the month of August since 1945.
The average price of regular-grade gasoline was $2.91/gal in August, which was down by 1.4¢/gal from July, but up by 42¢/gal compared with August 2017 and 63¢/gal vs. August 2016.
Learn more: Oil & Gas Journal > API: US petroleum demand in August reached 20.8 million b/d
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What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
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What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
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Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.