John R. Auers
John M. Mayes
Turner, Mason & Co.
In 2005, the US was the world's largest importer of petroleum products, with net volumes averaging almost 2.5 million b/d, according to the US Energy Information Administration (EIA). Turner, Mason & Co., Dallas, now estimates that a combination of increasing production rates and a decline in domestic consumer product demand will push the US to become the world's largest net product exporter by 2023.
This reversal will present immense challenges to US refiners in developing new foreign markets and to foreign refiners, which will face greater competition from US products. If domestic refining rates are maintained, about 13% of ...