Refining heavyweight Valero Energy Corp. ended 2021 with gasoline demand at pre-pandemic levels and diesel demand higher than pre-pandemic levels across its system, CEO Joe Gorder said Thursday.

liquid fuels

“We also saw a significant jet fuel recovery as domestic and international travel opened up, increasing from approximately 60% of pre-pandemic levels at the beginning of the year to approximately 80% at the end of the year,” Gorder told analysts during a call to discuss fourth-quarter and full-year earnings.

He added, “Product inventories were low as a result of the refining capacity rationalization that’s taken place in the last two years and weather-related impacts from Winter Storm Uri and Hurricane Ida.” 

San Antonio, TX-based Valero owns 15 refineries in the United...