More American crude is pumping through U.S. refineries, helping to boost crude oil distillation capacity rates to a nearly 40-year high earlier this year, according to the Energy Department.
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Crude oil distillation capacity rates are based on an operator’s estimate of the input that a distillation unit can process in a 24-hour period under usual operating conditions, recognizing the effects of both planned and unplanned maintenance.
U.S. refineries reached a record high of 18.8 million barrels a day of atmospheric crude oil distillation capacity on January 1 – the highest those rates have been in 38 years. The last time crude oil distillation capacity was that high was in January 1981 at 18.6 million barrels per a day, according to the EIA.