US net imports of biobased diesel projected to double in 2022, reaching 720 million gallons
U.S. net imports of biobased diesel increased by an estimated 10 percent in 2020 to more than 350 million gallons, or an average of 23,000 barrels per day, according to the U.S. Energy Information Administration’s January 2021 Short-Term Energy Outlook. Net import figures are calculated by subtracting exports from total imports.
EIA expects net imports of biobased diesel to increase to more than 520 million gallons, an average of 34,000 barrels per day, in 2021.
For 2022, EIA projects net imports of biobased diesel will double 2020’s figures, jumping to more than 720 million gallons, an average of 47,000 barrels per day.
The spike in imports is being driven by increased volumes of renewable diesel needed to meet California’s Low Carbon Fuel Standard, a projected rise in RFS targets, and a federal $1 per gallon blenders tax credit in effect through Dec. 31, 2022.