Average jet fuel consumption in the United States so far in 2022 has been consistently below 2019, although airline passenger counts in the United States have nearly returned to 2019 levels in recent months, based
Even though relatively less jet fuel has been consumed in the United States this year than in 2019, supplies of jet fuel have remained tight in 2022, both globally and in the United States. So far this year, less jet fuel has been held in U.S. inventories than the previous five-year average.
This tighter balance between supply and demand has resulted in less jet fuel in inventories and in higher prices. During the spring, inventories decreased sharply after Russia’s invasion. In response to high prices during the summer, refiners made greater use of their facilities in order to maximize production of all liquid fuels, growing jet inventories to only slightly less than their previous five-year average.
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