The age of fixed assets in the oil and gas extraction industry reached an all-time high of nearly 15 years in 2024

U.S. West Coast petroleum product demand is primarily met by local refineries or through imports, due to limited pipeline and rail connectivity to other U.S. regions. The region currently imports around 15%–20% of its jet fuel, but this could rise as two additional refineries are expected to close in California in the next year. Meanwhile, other U.S. regions rely on jet fuel imports for only 0–5% of demand. Most of PADD 5 jet fuel imports (85%) come from South Korea, which operates competitive refineries geared for exporting petroleum products.