(Bloomberg) -- American drivers took gasoline consumption to a new high as the U.S. economy strengthens and adds jobs.
Demand for the motor fuel rose to the highest level on record for the month of October, the American Petroleum Institute said in a monthly report Friday. Consumption of distillate fuel, however, declined.
"The economy continues to grow as fuel demand remains strong and more people find work," said API Director of Statistics Hazem Arafa. "Unemployment went down last month and gas prices remain relatively low benefiting American businesses and workers."
In addition to a strengthening economy, it helps that gasoline prices dropped. The nationwide average price for a gallon at the pump was $2.556 on Friday, after touching $2.674 in September, the highest level this year, according to data from Heathrow, Florida-based AAA, a national federation of motor clubs.
Total deliveries of petroleum products, a measure of demand, rose to 19.9 million barrels a day, the API said. That’s 1.1 percent higher than a year ago. Gasoline deliveries rose 2.7 percent to 9.3 million barrels a day. Demand for distillate fell 3.1 percent to the lowest level for the month since 2011.
