The gross output of the US Petroleum Refineries Industry has seen significant fluctuations over the past decade. Starting at $776.78 billion in 2013, there were notable declines in subsequent years, with sharper drops between 2014 and 2015, and again in 2016. Although there was a temporary increase in 2017, the overall trend has been a consistent decline. By 2023, the value stood at $351.87 billion, reflecting a nearly 55% decrease from 2013 levels. Year-over-year variations have generally been negative, except for a few minor increases in specific years.
Recent years have shown:
- 2022: Slight increase by 2.42%
- 2023: Decrease by 2.72%
- Last 5-year CAGR (2024 to 2028): Decrease by 2.5%
Future trends to watch for include potential shifts in energy policies, technological advancements in refining processes, and global fuel demand changes. The consistent decline points toward an industry that may need to innovate or diversify to stabilize its output.
