Today’s AAA National Average $2.857

Price as of 8/15/18

Gasoline and Crude Exports Soar

Gasoline and Crude Exports Soar

February 23,2018

In the Energy Information Administration’s (EIA) Weekly Petroleum Status Report for the week ending on February 16, U.S. exports of gasoline and crude oil took big leaps. On the gasoline front, exports registered at 918,000 b/d – a jump of 279,000 b/d from the previous week. The rate is notable because it has been increasing toward 1 million b/d, which only occurred in one week at the end of November in 2017. The growing trend ahead of the spring driving season could mean that refineries will produce even higher amounts of gasoline to feed growing domestic and global demand. Similarly, crude exports have been booming this year. They reached 2.04 million b/d last week, moving 720,000 higher than the previous week. Steady growth in crude exports underscores that growth in domestic production has led to the U.S. gaining more exports prowess to meet growth in global appetite for it. For drivers, increasing gasoline and crude exports have helped to keep pump prices higher than they have been in the years when exports from the U.S. were much lower.