BP CEO: Gas Demand Peaked in '07

NEW YORK — Gasoline demand in the U.S., which has been hit hard by the recession, will never return to 2007’s peak, BP PLC Chief Executive Tony Hayward said in a report by The Wall Street Journal.

Contributing to his prediction of lessened demand is greater use of biofuels and increased engine efficiency, according to the report.

“We will never sell more gasoline in the U.S. than we sold in 2007,” Hayward said in an interview with Dow Jones and The Wall Street Journal.

U.S. Department of Energy (DOE) data show consumption of gasoline fell 3.2 percent in 2008, from a peak average of 9.3 million barrels a day in 2007. A slight uptick from 2008 is expected in 2009, the report stated.

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