The U.S. administration reported that even significant gasoline exporters like Singapore and the Netherlands have never surpassed 700,000 barrels per day (bpd) in exports. In contrast, the United States has been a net exporter of gasoline since 2016, a shift from being a net importer for over 50 years, from 1961 to 2015.
In the past decade, U.S. gasoline exports have surged, reaching record highs in both 2022 and 2023, according to the Energy Information Administration (EIA). This increase can be attributed to higher refinery utilization rates and expanding refining capacity.
Despite the growth in refining capacity, domestic gasoline consumption has remained stable, allowing more gasoline to be available for export. The EIA noted that U.S. gasoline consumption in 2023 was similar to levels seen in 2010 and was 400,000 bpd lower than the peak consumption in 2018.
In 2022, U.S. petroleum product exports averaged a record 6.1 million bpd, marking a 2.5% increase compared to 2022, as reported by the EIA earlier this year. Notably, in 2020, the United States became a net exporter of petroleum for the first time since at least 1949.
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