Forecast: Petroleum Refineries Sales in the US

From 2013 to 2023, petroleum refinery sales in the US exhibited significant fluctuations, initially peaking at $757.53 billion in 2013 and subsequently experiencing several declines. The years 2014 to 2023 showed notable drops attributed to market volatility, with the most substantial decrease in 2015 at -37.2%. Slight recoveries were seen in intermittent years, but sales generally trended downwards. In 2023, sales stood at $344.05 billion—reflecting a steady decline in recent years.

Year-over-year variations between 2022 and 2023 were approximately -2.76%, showcasing minimal recovery. The compounded annual growth rate (CAGR) for 2018-2023 was -2.72%, indicating persistent declines. Forecasts from 2024 to 2028 predict further reductions, with an anticipated CAGR of -2.54% and a total growth drop of -12.08% by 2028.

Future trends to watch:

• Impact of evolving environmental regulations and policies.

• Technological advancements in alternative energy sources.

• Shifts in global oil supply and demand dynamics.

• Economic stability and potential recovery post-2023.