EIA predicts US biodiesel production will expand in 2022, 2023
The U.S. Energy Information Administration currently predicts U.S. biodiesel production will increase in both 2022 and 2023, according the agency’s latest Short-Term Energy Outlook, released Jan. 11. The EIA also expects to see net imports of biobased diesel to expand over the next two years.
According to the EIA, U.S. biodiesel production decreased by 10 percent from 2020 to 2021, averaging an estimated 107,000 barrels per day last year. The agency expects biodiesel production to increase by 7 percent this year, averaging 114,000 barrels per day. Production is expected to increase to 115,000 barrels per day in 2023.
The EIA said forecasted production increases follow the agency’s expectation of growing U.S. diesel consumption, along with higher Renewable Fuel Standard targets and the continuation of the $1 per gallon biodiesel and renewable diesel tax credit through December 2022.
Net U.S. imports of biomass-based diesel increased 31 percent last year, reaching 28,000 barrels per day. The EIA predicts that net imports will increase to an average of 46,000 barrels per day in both 2022 and 2023. Increased net imports of biomass-based diesel primarily reflect increased volumes of renewable diesel imported to meet both California Low Carbon Fuel Standard requirements and the federal RFS targets, according to the EIA.
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