Economic Evidence

Looking for evidence of the economic downturn? You don't have to look any further than API's Monthly Statistical Report for October. Here's the headline: "U.S. petroleum demand-reduction rate largest since early 1980s."

The report notes that U.S. petroleum deliveries dropped more than 4 percent in October and have fallen 5 percent from January through October. Demand is the lowest since 2000.

"Not only have higher prices for much of 2008 been altering consumers' behavior, but more recent economic uncertainties have increasingly been putting a damper on demand, as well," said API statisticis manager Ron Planting.

For the full news release on the monthly statistics, click here.