The landscape of petroleum imports in the United States is shifting, and small business owners in various sectors may want to pay close attention. According to the U.S. Energy Information Administration (EIA), domestic imports of petroleum products saw a notable decrease in 2024, averaging 1.8 million barrels per day (b/d), down by 210,000 b/d from the previous year. This decline encompasses all major transportation fuels, including motor gasoline, diesel, and jet fuel, and represents a significant change that could have various implications for small businesses.
Motor gasoline remains the cornerstone of U.S. petroleum product imports, constituting approximately 36% of all imports, with 651,000 b/d entering the country in 2024. This figure reflects a decrease of 75,000 b/d compared to 2023. Small business owners reliant on gasoline—whether they operate delivery services, taxi companies, or retail businesses—should be aware that while overall gasoline consumption remained stable, dwindling inventories indicate potential volatility in pricing and availability.
A key point for small business owners is that despite being a net importer of gasoline, the U.S. has also been exporting more gasoline than it imports since 2016, with an impressive net export of 226,000 b/d in 2024. This trend signals a robust domestic refining capacity concentrated in the Gulf Coast, where refinery production exceeds local demand. However, it poses logistical challenges for businesses located far from these refineries, especially in regions reliant on imports due to infrastructure limitations. “Gulf Coast refineries have a wide distribution network, but infrastructure constraints limit their ability to supply fuels to all parts of the country,” an EIA spokesperson noted.
The evolving import dynamics offer clear benefits and challenges. Small businesses in states that primarily import gasoline from countries like Canada, the Netherlands, and India—key players in U.S. gasoline imports—should consider diversifying their fuel sources or building stronger relationships with suppliers to mitigate risks associated with supply chain disruptions. The shifts in import patterns could drive prices up as supply tightens, placing additional financial pressure on smaller enterprises operating on thin margins.
On another front, distillate fuel oil imports into the U.S. also require attention. In 2024, the nation imported 144,000 b/d of distillate fuel oil, with an astounding 95% coming from Canada. This product is not just crucial for transportation; it also serves as a primary source of heating oil, especially in the Northeast. Small businesses involved in heating services or logistics in colder regions might find this information particularly relevant as fluctuations in import volumes can affect pricing and availability.
Another significant contributor to the petroleum import scene is jet fuel, which saw a decrease in imports, totaling 109,000 b/d in 2024. With South Korea supplying 71% of this volume, small businesses in travel, logistics, or freight sectors may need to factor in the reliance on a limited number of suppliers. As airline operations ramp up, any disruption to the jet fuel supply chain could directly impact logistics and transportation costs.
Additionally, it’s worth mentioning that petroleum products beyond these major categories also play a role in small business operations. Residual fuel oil, for instance, is critical in heavy-duty sectors such as shipping. As demand fluctuates, businesses should keep an eye on market trends and fuel prices to navigate potential increases in operational costs.
As small business owners evaluate how these changes may impact their enterprises, they should also remain vigilant about ongoing policy discussions related to energy imports and domestic production. Understanding the broader implications of shifts in petroleum imports can enable businesses to adapt strategies, optimize fuel procurement, and enhance operational efficiency.
For more detailed economic analyses of these trends, the full report can be found at the U.S. Energy Information Administration: EIA Analysis.
Image Via Envato: akophotography
