U.S. petroleum exports double over past 6 years

by Talk Business & Politics staff (staff2@talkbusiness.net) 19 views 

Gross exports of U.S. crude oil and petroleum products have more than doubled, rising to 5.2 million barrels per day in 2016, from 2.4 million barrels per day in 2010, according to the U.S. Energy Information Administration. The rise in exports includes distillate, gasoline, propane and crude oil.

In February 2017, crude oil exports rose to 1.1 million barrels per day, the highest monthly level on record. In 2016, 58% of U.S. crude oil went to Canada. Exports also went to the Netherlands, Curacao, China, Italy and the United Kingdom.

Exports have risen because export restrictions were lifted (in December 2015), favorable pricing, lower shipping costs and rising domestic production.

Between 2010 and 2016, exports of distillate increased by 81% to 1.2 million barrels per day. The United States exports more distillate than any other petroleum product. Mexico receives 15%, or 182,000 barrels per day, of the distillate. Brazil and the Netherlands receives 125,000 barrels per day and 108,000 barrels per day, respectively.

Gasoline exports have more than doubled since 2010, increasing to 761,000 barrels per day in 2016, from 335,000 barrels per day in 2010. Growth in the exports rose while U.S. consumption of gasoline also increased. Over the past five years, between 44% and 53% of U.S. gasoline exports went to Mexico.

While the rise in exports of crude oil, distillate fuel, gasoline has slowed recently, exports of propane have increased more rapidly. Most of the propane exports are sent to Asian countries including Japan and China. “Propane has many non-transportation sector end uses, including as a fuel for heaters and cook stoves and as a feedstock for petrochemical industry,” according to the EIA.