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U.S. residential heating oil prices decline from record-highs in November

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At the start of the winter heating season (October –March), the retail price of home heating oil in the United States climbed rapidly, establishing a new record in early November, according to data from our State Heating Oil and Propane Program (SHOPP). Since then, the price has decreased because of declining prices ...

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Spending by U.S. natural gas consumers rose 37% in 2021, especially in Oklahoma and Texas

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In 2021, expenditures by U.S. natural gas consumers totaled $192 billion, a 37% increase from 2020 after adjusting for inflation, according to our State Energy Data System. The increased spending followed rising U.S. natural gas prices, particularly in the electric power sector across the southern United States. Total ...

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EIA forecasts U.S. refinery utilization to average more than 90% in 2023 and 2024

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In our February Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will remain similar to 2022 at above 90% over the next two years. The industry is returning to more typical rates after low refinery utilization in 2020 and 2021. We forecast U.S. refinery utilization will average 90.8% in ...

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New England’s power grid weathers last weekend’s record-breaking cold and wind

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From February 3 to February 5, record-breaking cold temperatures and extreme wind chill in New England created strong electricity demand as homes and businesses turned up the heat to combat the frigid conditions. Despite the widespread and extreme cold, the region's power grid avoided blackouts and met heightened ...

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Coal and natural gas plants will account for 98% of U.S. capacity retirements in 2023

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In 2023, operators plan to retire 15.6 gigawatts (GW) of electric-generating capacity in the United States, mostly natural gas-fired (6.2 GW) and coal-fired (8.9 GW) power plants, according to our Preliminary Monthly Electric Generator Inventory.

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More than half of new U.S. electric-generating capacity in 2023 will be solar

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Developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023, according to our Preliminary Monthly Electric Generator Inventory. More than half of this capacity will be solar power (54%), followed by battery storage (17%).

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Domestic renewable diesel capacity could more than double through 2025

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U.S. production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon.

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U.S. proved reserves of crude oil increased significantly in 2021

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In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related ...

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U.S. natural gas consumption reached record daily high in late December 2022

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On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a daily record high of 141.0 billion cubic feet (Bcf), according to estimates from S&P Global Commodity Insights. The previous record was 137.4 Bcf, set on January 1, 2018. Below-normal temperatures in mid- to late December increased ...

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Proved reserves of natural gas increased 32% in the United States during 2021

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Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. U.S. proved reserves had previously decreased 4% in ...

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