U.S. Energy Information Administration said recently in its 2023 Annual Energy Outlook that U.S. will remain a net exporter of petroleum products through 2050. Although domestic consumption of petroleum and other liquids is not expected to increase through 2040, according to the EIA report issued March 16, forecasts of U.S. petroleum and other liquids production remain high because of increased exports of finished products in response to growing international demand. And because international demand for finished petroleum products keeps exports high, U.S. refinery runs remain strong as the U.S. refinery sector remains competitive in the global market.
The report said increased production wells in the Permian Basin is the primary driver behind growth of associated natural gas.