EIA forecasts U.S. refinery utilization to average more than 90% in 2023 and 2024

In our February Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will remain similar to 2022 at above 90% over the next two years. The industry is returning to more typical rates after low refinery utilization in 2020 and 2021. We forecast U.S. refinery utilization will average 90.8% in 2023 and then decrease slightly to 90.3% in 2024.