Oil Use Falls to Lowest Level in 20 Years on High Prices

The American Petroleum Institute reported demand for oil in February fell to the lowest level for the month in 20 years, according to Bloomberg News.

Total petroleum deliveries fell 4.1% from a year earlier to 18 million barrels a day, the lowest February level since 1993, Bloomberg reported.

The price of regular retail gasoline averaged $3.786 a gallon nationwide on Feb. 26, the highest for the month going back to 2004, according to Bloomberg. 

Ultra-low-sulfur diesel use, the type used in trucking, fell 6.1% to 3.21 million barrels a day.

Distillate fuel use, which includes diesel and heating oil, fell 7.3% from a year earlier to 3.69 million barrels a day, Bloomberg said.