U.S. Imports of Petroleum Products Declined in 2024: EIA

U.S. imports of petroleum products declined by 210,000 barrels per day (b/d) during 2024 to average 1.8 million b/d, according to an April 29 report published by the U.S. Energy Information Administration. Imports of all main transportation fuels declined.

Motor gasoline accounts for the highest share of U.S. petroleum product imports, since it is the most widely utilized petroleum fuel in the U.S. The U.S. imported 651,000 b/d of motor gasoline during 2024, down 75,000 b/d compared to 2023. Despite the year-on-year decline, motor gasoline accounted for around 36 percent of all petroleum product imports in 2024. U.S. gasoline usage during 2024 was similar to 2023, however high stock levels during 2024, led to lower imports.

The U.S. has been a net gasoline exporter since 2016, and during 2024 exported 226,000 b/d more product than it imported. Moreover, U.S. total petroleum product exports rose to a record annual average of 6.6 million b/d during 2024. U.S. petroleum product exports during 2024 rose by 495,000 b/d compared to 2023, in line with higher U.S. exports of distillate fuel oil and jet fuel. Distillate fuel oil holds the largest share of transportation fuel exports.

The U.S. Gulf Coast exports a high volume of U.S. petroleum products, due to the region’s proximity to major ports and concentrated refining capacity. Refinery production in the region usually surpasses regional demand and leads to exports by waterborne tankers. Infrastructure limitations prohibit fuel exports to other parts of the U.S. and as a result certain regions import petroleum products instead of transporting the product from the Gulf Coast.

U.S. gasoline imports come from a number of countries including the Netherlands, Canada, India, South Korea and the U.K. Imports from Canada are the main source of gasoline for a number of northeastern states and account for a smaller share in other markets throughout the nation.

Jet fuel imports amounted to 109,000 b/d during 2024, down 18,000 b/d compared to 2023. The West Coast was the key jet fuel import market. South Korea accounted for 71 percent or 77,000 b/d, of U.S. jet fuel imports during 2024. The next-largest suppliers were Canada, China, India, and Kuwait.