The U.S. has the potential to become a major exporter of sustainable aviation fuel and renewable diesel thanks to its ready refining capacity.
Refiners are investing in high-value distillates such as diesel and renewable fuels, which are becoming more profitable as gasoline demand declines.
No one knows exactly how many electric vehicles will hit the road in the coming decade, but one thing is certain: it’s going to be a lot. The precise rate of uptake depends on a lot of factors, from falling EV costs and improved technologies to policy support and incentives for manufacturers as well as drivers. What we do know is that will require an electric car fleet of over 300 million vehicles by 2030, and 60% of new car sales will have to be electric models.
The market for diesel has cooled considerably since that peak – distillate profit margins are now around $31.35 a barrel – but margins are still nearly double their five-year average. According to reporting from Reuters, this will incentivize increased investment into diesel production in the current term, which will continue to influence the shape of the refining industry for years to come.
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