In 2023, the output value of refined petroleum products and coke in the US was $629.71 billion. Over 2022, the output increased by 14.58%, following a slight decline of 5.56% in 2022. The average annual growth rate (CAGR) over the past five years was -0.33%. Observing a longer trend since 2013, the output experienced significant volatility, with substantial reductions in 2015 and 2020 but noteworthy rebounds in subsequent years such as 2018 and 2021. The forecasted data for 2024 suggests a value of $658.71 billion, with a forecasted average annual growth rate (CAGR) of 3.22% through 2028, culminating in $771.84 billion in 2028—a projected growth of 17.18% over five years.
Future trends to watch for:
- Emergence and impact of alternative energy sources on refined petroleum output
- Potential regulatory changes impacting refining capacities
- Technological advancements in refining processes
- Economic factors influencing global and domestic demand for refined petroleum
