US Demand for Refined Petroleum Products to Fall 0.9% Per Year in Volume Terms to 2024

12/5/2019

Cleveland, OH, December 5, 2019 — US demand for refined petroleum products is forecast to decline 0.9% per year in volume terms through 2024, according to Refined Petroleum Products: United States, a report recently released by Freedonia Focus Reports. Decreases will largely reflect the increasing fuel efficiency of the US motor vehicle park. Distillate fuel’s share of total demand is expected to rise, due to most efficiency gains affecting gasoline-powered light vehicles rather than diesel-powered medium- and heavy-duty trucks. Expanding use of public transport, alongside increasing use of hybrid and electric vehicles, is also expected to weigh on demand. Modest advances in the number of motor vehicles in use, as well as growing exports, will prevent faster declines.

US output of refined petroleum products is projected to decrease 0.6% per annum in volume terms through 2024. Losses will be attributed to domestic constraints, as US consumption levels of gasoline, the dominant demand segment, are forecast to decline. However, increasing domestic crude oil production from shale – also known as "tight oil" – over the forecast period will benefit US petroleum refiners as US exports of gasoline, petroleum coke, and jet fuel tap into advances in global demand.

These and other key insights are featured in Refined Petroleum Products: United States. This report forecasts to 2024 US refined petroleum products demand and production in barrels at the refiner level. Total demand and production are segmented by type in terms of:

  • gasoline
  • distillate fuel
  • jet fuel
  • residual fuel
  • other products such as asphalt, petroleum coke, and still gas

To illustrate historical trends, total demand, total production, the various segments, and trade are provided in annual series from 2009 to 2019.

This report encompasses finished petroleum products manufactured at petroleum refining facilities via the processing of crude oil and other liquids. Hydrocarbons and other liquids separated at natural gas plants, such as liquefied petroleum gases and pentanes plus, are excluded from the scope of this report. Finished motor gasoline blends containing up to 10% ethanol content are included; blends with greater than 10% ethanol are not. Reported figures represent the volume of finished products, with blending components not considered separately. Re-exports of refined petroleum products are excluded from demand and trade figures.

More information about the report is available at:

https://www.freedoniafocusreports.com/Refined-Petroleum-Products-United-States-FF45023/?progid=91541