August STEO Lifts Biodiesel/RD Consumption 2023, Lowers 2024 Forecast

The U.S. Energy Information Administration (EIA) released the August Short Term Energy Outlook (STEO) earlier today. The report showed an expected decline in gasoline and diesel consumption in 2023 and an increase in renewable fuel consumption for 2023. Renewable fuel production and consumption was forecast lower for 2024, but diesel consumption was expected to increase in 2024.

The 2023 for gasoline consumption was lowered 10,000 barrels per day (bpd) to 8.91 million bpd, and the 2024 forecast was reduced 20,000 bpd to 8.91 million bpd. Projected 2023 diesel consumption was lowered 20,000 bpd from the July outlook to 3.62 million bpd, but the 2024 forecast was increased 20,000 bpd to 3.70 million bpd.

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