Increasing Distillate Production at U.S. Refineries-Past Changes and Future Potential

摘要

World consumption growth for middle distillate fuels (diesel fuel, heating oil, kerosene, and jet fuel) has exceeded the consumption growth for gasoline for some time, and the United States is no exception. Although the decrease in the ratio of total gasoline consumption to consumption for middle distillate fuels has been small in the United States, recent legislation requiring increased use of renewable fuels has resulted in forecasts that project a decline in consumption for petroleum-based gasoline from refineries, which would accelerate the decline in the gasoline-to-middle distillate ratio from what has been seen historically. Rising fuel economy standards for light duty vehicles are also expected to exert significant downward pressure on gasoline demand relative to diesel demand. In addition, price incentives to produce more middle distillate fuels have changed in recent years, with middle distillate margins exceeding those of gasoline more often than in the past.