STEO Forecast and 2024 RVO’s

The RFS renewable volume obligations (RVOs) issued by the EPA provide percentage standards applied to the initial mandated forecast at that time of release. The percentage standards translate into volumes based on the estimated consumption forecast. The actual RVOs become known over time but use the same percentage standards applied to the original mandate, which created the initial volume expectations.

Reviewing the March STEO and applying the appropriate percentage standards, EIA projected 2024 gasoline consumption is above the original volume estimate and has increased the implied ethanol mandate from 15 billion gallons to 15.14 billion gallons. This is above last month’s projection of 15.10 billion gallons.

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