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What drives petroleum product prices?

Graphs & data updated monthly and quarterly

What drives petroleum product prices: Consumption

Countries outside of the Organization for Economic Cooperation and Development (OECD) drove increases in global demand for petroleum products in recent years. In aggregate, non-OECD countries consumed more petroleum products than OECD countries for the first time in 2014. Global distillate consumption tends to rise as developing countries show robust economic growth because their economies tend to be driven by industry and manufacturing rather than services. Distillate consumption can slow if economic growth expectations decline or as more countries move towards a more services-oriented economy. As many non-OECD countries continue to develop, their economies tend to be driven by industry rather than services. This trend has led to an increase in global distillate demand, and worldwide consumption of distillate is now the highest of any of the petroleum products.

Distillate consumption has mostly outpaced gasoline demand globally since 2000
Updated: Annual | Last Updated: 12/31/2019

Gasoline is the most consumed petroleum product in the United States and is used primarily as a transportation fuel. Gasoline consumption is affected by a variety of factors including gasoline prices, disposable income, employment, weather, vehicle miles traveled, as well as regulations on fuel economy.

Gasoline is the most consumed petroleum product in the United States
Updated: Monthly | Last Updated: 05/12/2020

Distillate is the second-most consumed petroleum product in the United States. In addition to its use as a transportation fuel, distillate is also consumed for heating and power generation purposes. Distillate's use as a heating fuel drives the seasonal pattern of higher consumption during the winter months. Distillate consumption is affected by economic growth and weather conditions as well as vehicle efficiency and miles traveled of heavy-duty vehicles.

Distillate is used for heating, power generation, and as a transportation fuel
Updated: Monthly | Last Updated: 05/12/2020