The petroleum refining industry continues to be a strong contributor to the U.S. economy. Shipments were variable over the last decade but overall have increased about 1% annually. For U.S. refiners the 1990s were characterized by low product margins and low profitability. Reasons include the cost of regulation, variable crude prices, changing crude quality, and low marketing and transport margins. Petroleum products are also heavily taxed – taxes on gasoline sales, for example, can represent as much as 20% of market price.

U.S. refiners rely on both domestic and foreign producers for crude oil, as well as some unfinished feedstocks and refined products. Historical trends show that imports of crude oil and petroleum products have been rising steadily over the last 10 years and reached a record high of 11.1 million barrels per day in 2000. [EIA 2001]

Value of Shipments (1992-2001)
Billion Dollars (Constant Dollars 1998=100)

Source: DOC 1993, 1996, 2001

Imports of Crude and Petroleum Products – 1988-2000
(million barrels/day)

Source: DOE 2000