U.S. Gas Consumption sets New Record in March
To date, all of the hybrids and alternative fuel vehicles introduced so far in the U.S. have had little impact on overall gas consumption. The new figures released for March by the America Petroleum Institute actually show an increase of fuel consumption since this time last year. The study indicated that refineries are now producing 9.3 million barrels per day, the highest production for a single month in the history of U.S. oil production.
Unfortunately for consumers, the increase in production does not equal a decrease in pump prices. According to John Felmy, the chief economist for API, it is " abundantly clear that supply is not an issue with the higher gasoline prices we've seen. Sharply higher crude oil prices are driving the higher gasoline prices, and they continue to put upward pressure on the price at the pump."
Industry experts expect fuel consumption to increase as the peak summer driving season approaches. Unfortunately, these figures show that to date, the influx of green technologies is not having any noticeable effect on the American consumers' need for fossil based fuel production.
image credit: washington independent