National average motor gasoline and diesel prices in 2020 were the lowest since 2016: $2.17 per gallon (gal) for gasoline and $2.55/gal for diesel, according to the U.S. Energy Information Administration’s (EIA) Gasoline and Diesel Fuel Update. EIA expects that economic recovery and greater demand for transportation fuels will lead to higher prices for gasoline […]
Category: Today in Energy
In 2019, oil and lease condensate proved reserves were flat; natural gas reserves declined
In 2019, proved U.S. reserves of crude oil and lease condensate increased by 0.1%, and proved natural gas reserves declined by 1.9%, according to the U.S. Energy Information Administration’s (EIA) recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2019 report. Proved reserves of oil and natural gas each […]
EIA expects crude oil prices to average near $50 per barrel through 2022
In its January Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) expects global demand for petroleum liquids will be greater than global supply in 2021, especially during the first quarter, leading to inventory draws. As a result, EIA expects the price of Brent crude oil to increase from its December 2020 average of […]
EIA forecasts less power generation from natural gas as a result of rising fuel costs
In its latest Short–Term Energy Outlook (STEO), released on January 12, the U.S. Energy Information Administration (EIA) forecasts that generation from natural gas–fired power plants in the U.S. electric power sector will decline by about 8% in 2021. This decline would be the first annual decline in natural gas–fired generation since 2017. Forecast generation from […]
Fossil fuel production expected to increase through 2022 but remain below 2019 peak
In 2020, fossil fuel production in the United States declined by an estimated 6% from the 2019 record high of 81.3 quadrillion British thermal units (Btu). Based on forecasts in the U.S. Energy Information Administration’s (EIA) January 2021 Short-Term Energy Outlook (STEO), EIA expects total production of fossil fuels in the United States to remain […]
U.S. oil and natural gas production to fall in 2021, then rise in 2022
In its January 2020 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that annual U.S. crude oil production will average 11.1 million b/d in 2021, down 0.2 million b/d from 2020 as result of a decline in drilling activity related to low oil prices. A production decline in 2021 would mark the […]
EIA expects higher wholesale U.S. natural gas prices in 2021 and 2022
In its January 2021 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that the annual natural gas spot price at the Henry Hub will rise 0.98¢ per million British thermal units (MMBtu) to average $3.01/MMBtu in 2021. EIA expects higher natural gas prices will prompt dry natural gas production to increase in […]
Nuclear and coal will account for majority of U.S. generating capacity retirements in 2021
According to the U.S. Energy Information Administration’s (EIA) latest inventory of electric generators, 9.1 gigawatts (GW) of electric generating capacity is scheduled to retire in 2021. Nuclear generating capacity will account for the largest share of total capacity retirements (56%), followed by coal (30%). […]
Renewables account for most new U.S. electricity generating capacity in 2021
According to the U.S. Energy Information Administration’s (EIA) latest inventory of electricity generators, developers, and power plant owners plan for 39.7 gigawatts (GW) of new electricity generating capacity to start commercial operation in 2021. Solar will account for the largest share of new capacity at 39%, followed by wind at 31%. About 3% of the […]
Wholesale U.S. electricity prices were generally lower and less volatile in 2020 than 2019
During 2020, wholesale electricity prices at major trading hubs in the United States were generally lower than in 2019, although prices in the western states trended higher in the last half of the year. Compared with 2019 prices, these wholesale hub prices in 2020 ranged from 5% lower in the California Independent System Operator (CAISO) […]