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Trend toward electric utility rate increases in regulated markets continues in 2024

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Utility regulators in the United States are considering increases to electricity rates again this year as electric utilities seek to cover the investments needed to maintain and expand their systems. Utilities requested rate increases in recent years to pay for improvements to transmission and distribution lines to ...

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Batteries are a fast-growing secondary electricity source for the grid

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Utility-scale battery energy storage systems have been growing quickly as a source of electric power capacity in the United States in recent years. In the first seven months of 2024, operators added 5 gigawatts (GW) of capacity to the U.S. electric power grid, according to data in our July 2024 electric generator ...

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U.S. thermal coal exports to Asia and Africa surge as shipments to Europe fall

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U.S. exports of thermal coal to Asia and Africa surged in the first half of 2024, helping to drive overall U.S. coal exports (thermal and metallurgical) to 53 million short tons (MMst) from 49 MMst in the first half of 2023.

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North America’s LNG export capacity is on track to more than double by 2028

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North America's liquefied natural gas (LNG) export capacity is on track to more than double between 2024 and 2028, from 11.4 billion cubic feet per day (Bcf/d) in 2023 to 24.4 Bcf/d in 2028, if projects currently under construction begin operations as planned. During this time, we expect developers in Mexico and ...

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U.S. gasoline prices heading into Labor Day weekend are lower than last year

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Heading into the holiday weekend, the retail price for all formulations of regular gasoline in the United States averaged $3.31 per gallon (gal) on August 26, 2024, 13% lower than this time last year. The decrease in prices paid at the pump was driven by weak growth in global and U.S. petroleum product demand, ...

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Natural gas-fired electricity generation increased during heat waves in New England

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Electricity generation using fossil fuels increased in New England to meet the additional air-conditioning demand during heat waves in June and July. Natural gas-fired electricity generation made up 56% of New England�s generation mix during the week of the June 16 heat wave, peaking at 61% on June 22. Between July ...

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U.S. energy spending increased by more than 20% in 2022

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In 2022, energy expenditures—or the amount of money U.S. consumers spent on energy—increased 22% from 2021 to more than $1.7 trillion when adjusted for inflation, according to our State Energy Data System (SEDS). More money was spent on energy in the United States on an inflation-adjusted basis in 2022 than in all but ...

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U.S. share of electric and hybrid vehicle sales increased in the second quarter of 2024

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The share of electric and hybrid vehicle sales in the United States increased in the second quarter of 2024 (2Q24) after a slight decline in 1Q24. Combined U.S. sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) increased from 17.8% of total new light-duty vehicle (LDV) ...

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Midwest refinery outages increase regional gasoline prices

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A series of refinery outages in Chicago and Ohio have generally increased Midwest prices for petroleum products relative to the U.S. average, particularly gasoline. The outages reflect an unusual decline in refining activity near the end of the high-demand summer season and have drawn down regional inventories.

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Permian production forecast growth driven by well productivity, pipeline capacity

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In our latest Short-Term Energy Outlook (STEO), we forecast that crude oil production in the United States will grow to an average of 13.7 million barrels per day (b/d) and marketed natural gas production will grow to an average of 114.3 billion cubic feet per day (Bcf/d) in 2025. Most of the forecast growth in oil ...

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Average state tax rates for retail gasoline and diesel fuel flat since January 2024

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As of July 1, 2024, state taxes and fees on gasoline and diesel fuel averaged $0.33 per gallon (gal) of gasoline and $0.35/gal of diesel fuel, according to our federal and state motor fuel taxes table. Since January 2024, both the gasoline and diesel average taxes have remained nearly flat, increasing less than half ...

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U.S. power grid added 20.2 GW of generating capacity in the first half of 2024

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According to our latest Preliminary Monthly Electric Generator Inventory, developers and power plant owners added 20.2 gigawatts (GW) of utility-scale electric generating capacity in the United States during the first half of 2024. This new capacity is 3.6 GW (21%) more than the capacity added during the first six ...

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