Crude oil production in the United States reached a record high in August 2023, led primarily by more production in Texas. In 2023, most of the crude oil produced in Texas was relatively dense for the state.
Russia's reliance on four, mainly Asian, countries to import its coal has increased since some countries implemented sanctions against Russia after it invaded Ukraine, according to Global Trade Tracker data. This trade shift corresponds with increased coal exports from the United States to Europe and EU sanctions that ...
We expect average wholesale electricity prices for 2024 in most areas of the country to be close to or slightly lower than in 2023 because of relatively stable generation fuel costs. However, periods of high demand or power market supply constraints could lead to temporary spikes in wholesale prices.
In our January Short-Term Energy Outlook (STEO), we expect average U.S. retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity. In 2025, we expect slightly reduced gasoline consumption to further decrease prices. We expect similar supply-side factors to lower ...
In our latest Short-Term Energy Outlook, we forecast that wind and solar energy will lead growth in U.S. power generation for the next two years. As a result of new solar projects coming on line this year, we forecast that U.S. solar power generation will grow 75% from 163 billion kilowatthours (kWh) in 2023 to 286 ...
We expect the U.S. benchmark natural gas spot price at the Henry Hub to average under $3.00 per million British thermal units (MMBtu) in 2024 and 2025 in our January Short-Term Energy Outlook (STEO). The annual average Henry Hub prices in 2024 and 2025 increase from 2023 in our forecast because we expect natural gas ...
We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years. We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in 2025, ...
We expect solar electric generation will be the leading source of growth in the U.S. electric power sector. In our January Short-Term Energy Outlook (STEO), which contains new forecast data through December 2025, we forecast new capacity will boost the solar share of total generation to 5.6% in 2024 and 7.0% in 2025, ...
U.S. battery storage capacity has been growing since 2021 and could increase by 89% by the end of 2024 if developers bring all of the energy storage systems they have planned on line by their intended commercial operation dates. Developers currently plan to expand U.S. battery capacity to more than 30 gigawatts (GW) ...
Work on Canada's Trans Mountain Pipeline expansion project is reportedly over 95% complete. When it comes onstream, the expansion will nearly triple the pipeline's current 300,000 barrels per day (b/d) capacity to move crude oil from oil sands in landlocked Alberta to Canada's Pacific Coast for export to new customers ...
The U.S. benchmark Henry Hub natural gas price averaged $2.57 per million British thermal units (MMBtu) in 2023, about a 62% drop from the 2022 average annual price, according to data from Refinitiv Eikon. Record-high natural gas production, flat consumption, and rising natural gas inventories contributed to lower ...
U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. Compared with the last ...
