Oil Exports Reach Record Levels in H1 2017

 

Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d.

 

Although crude oil exports during the period grew, the growth rate in the first half of 2017 was lower than in the first halves 2013, 2014, and 2015 when exports increased at year-over-year rates of 88%, 134%, and 70%, respectively. 

 

Following the removal of restrictions on exporting U.S. crude oil in December of 2015, crude oil exports have been characterized by greater volatility. The range between the highest and lowest monthly exports in the first half of 2017 was 370,000 b/d, compared with 334,000 b/d in the first half of 2016. 

 

These levels are also greater than ranges in recent history of 161,000 b/d in 2015 and 147,000 b/d in 2014. Prior to 2014, crude oil exports tended to fluctuate less, with ranges commonly less than 100,000 b/d

 

In the first half of 2017, despite consistently strong domestic demand, U.S. exports of total motor gasoline averaged a record high of 756,000 b/d, a 3% increase from the first half of 2016. High levels of domestic production of gasoline contributed to this record-high export level. Exports to Central and South America saw strong growth, increasing 24% over the first half of last year.

 

The U.S. average regular gasoline retail price decreased 5 cents from the previous week to $2.58 per gallon on September 25, up 36 cents from the same time last year. 

 

The Midwest price fell eight cents to $2.37 per gallon, the East Coast price fell five cents to $2.64 per gallon, the Gulf Coast price fell over four cents to $2.42 per gallon, and the West Coast and Rocky Mountain prices each fell two cents to $3.00 per gallon and $2.58 per gallon, respectively.