The U.S. Energy Information Administration said U.S. oil demand hit a five-year high with 19.273 million barrels per day in October, The Wall Street Journal reported. Demand increased 3 percent in October, which is the highest growth level since August 2011. Data shows the average price of regular gasoline decreased 40.2 cents from a year prior.
Gasoline demand gained 1.4 percent in October - a three-year high - to 8.821 million bpd, up 120,000 bpd. In one of the most recent petroleum reports by the EIA for the week Dec. 20, U.S. gasoline production also reached a record-breaking 9.715 million bpd, a 404,000 bpd increase from the week earlier. Petroleum products increased overall compared to the same time last year.
"Total products supplied over the last four-week period averaged 20.0 million barrels per day, up by 5.3 percent from the same period last year," the EIA's Weekly Petroleum Status Report for week ending Dec. 20 said. "Over the last four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 3.9 percent from the same period last year."