July 17 (Reuters) - Production capacity of sustainable

aviation fuel in the United States could jump by 1400% in 2024

if all announced capacity additions come on line, the U.S.

Energy Information Administration said on Wednesday.

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 Diamond Green project, in partnership

with Darling Ingredients ( DAR ), 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.