WHY IT'S IMPORTANT
The EIA anticipates domestic production of biofuels will increase by about 50% in 2024, led by rising SAF production.
The White House aims to meet all of the U.S.'s aviation fuel demand with SAF by 2050 and to supply at least 3 billion gallons of SAF annually by 2030.
In 2023, the EIA reported that around 1.6 million barrels per day (bpd) of jet fuel was consumed in the country.
SAF, an alternative to petroleum jet fuel, is produced from agricultural and waste feedstocks and has seen increased investments due to benefits from the U.S. Environmental Protection Agency's Renewable Fuel Standard.
BY THE NUMBERS
The EIA projects that SAF output will rise from 2,000 bpd to nearly 30,000 bpd in 2024.
Phillips 66's Rodeo facility in California reached its renewable fuel production target of 50,000 bpd in June, of which 10,000 bpd is SAF.
Valero's (VLO.N), opens new tab Diamond Green project, in partnership with Darling Ingredients (DAR.N), opens new tab, at its Port Arthur, Texas refinery is expected to come online in the fourth quarter of this year and produce 15,000 bpd of SAF by the end of 2024.
