According to US Energy Information Administration (EIA), in 2020, the US consumption of liquid fuels averaged 18.1 million b/d. Moreover, the energy department also expects the demand for liquid fuels like gasoline to pick up in second quarter of 2021, reaching 8.9 million barrels a day for refined products like gasoline. The rising demand for products like gasoline as pandemic slows, and prospects of vaccination drive major growth for players in the petroleum refining products market. Moreover, the EIA also expects demand for other products like distillate fuel oil to reach 4.12 million barrels per day in 2022, rising from 3.77 million barrels in 2020. Hydrocarbon gas liquids will reach demand of 3.52 million barrels per day in 2022, rising from 3.14 million barrels per day in 2020. Jet fuel will also experience growth, as international aviation picks up, rising from 1.74 million barrels per day in 2020 to 1.71 million b/d in 2022. Moreover, EIA also estimates the cost of acquisition for crude products will drop significantly as major changes in supply continue to drive down costs.
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