After starting the winter heating season (November–March) below its previous five-year average, Lower 48 working natural gas in storage surpassed its five-year average in mid-December during one of the warmest Decembers on record. However, colder-than-normal temperatures in early January, along with increased liquefied natural gas (LNG) exports and increased power demand compared with last year, […]
Category: Today in Energy
EIA forecasts OPEC production will grow in 2022 despite recent production outages in Libya
In our January Short-Term Energy Outlook (STEO), we forecast that OPEC petroleum production will increase by nearly 2.7 million barrels per day (b/d) in 2022, the largest year-over-year increase in OPEC production since 2004. This increase in our forecast of crude oil production is largely based on our interpretation of the January 2022 OPEC+ meeting, […]
Proved reserves of U.S. crude oil and lease condensate declined by 19% during 2020
Because of lower oil prices in the first year of the COVID-19 pandemic, U.S. operators reported a 19% reduction in proved reserves of crude oil and lease condensate in 2020, according to our Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2020 report. Proved reserves totaled 38.2 billion barrels for […]
Proved reserves of natural gas fell 4% in the United States during 2020
Because of lower natural gas prices in the first year of the COVID-19 pandemic, U.S. operators reported that proved natural gas reserves in 2020 declined by 4% to 473.3 trillion cubic feet (Tcf), according to our Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2020 report. […]
Stand-alone natural gas wells driving new growth in Saudi Arabia’s natural gas production
Saudi Arabia’s dry natural gas production reached an average of 11 billion cubic feet per day (Bcf/d) for the first time in 2020, a 30% increase from 2010. Oil production cuts related to the December 2016 OPEC+ agreement have reduced Saudi Arabia’s associated natural gas production (natural gas produced as a by-product of oil production). […]
CO2 emissions allowance prices increased in latest RGGI auction
The most recent Regional Greenhouse Gas Initiative (RGGI) quarterly auction (held on December 1, 2021) resulted in a clearing price of $13.00 per allowance, surpassing the previous auction’s record price of $9.30 per allowance. Each allowance represents a limited authorization for power plants to emit one short ton of CO2. […]
EIA expects U.S. fossil fuel production to reach new highs in 2023
After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we expect U.S. fossil fuel production to continue rising in both 2022 and 2023, surpassing production […]
EIA expects U.S. energy-related carbon dioxide emissions to increase in 2022 and 2023
In our latest Short-Term Energy Outlook, we forecast that U.S. energy-related carbon dioxide (CO2) emissions will increase in both 2022 and 2023 but remain below 2019 levels. In 2020, U.S. energy-related CO2 emissions decreased by 11% as energy use declined during the onset of the COVID-19 pandemic. As the U.S. economy began to return to […]
In 2021, 14 petroleum liquids pipeline projects were completed in the United States
In 2021, pipeline companies completed 14 petroleum liquids pipelines projects in the United States, according to our recently updated Liquids Pipeline Projects Database. This total includes seven crude oil pipeline projects and seven hydrocarbon gas liquids pipeline projects; no petroleum product pipeline projects were completed last year. […]
New renewable power plants are reducing U.S. electricity generation from natural gas
In our January Short-Term Energy Outlook (STEO), we forecast that increasing electricity generation from renewable energy resources such as solar and wind will reduce generation from fossil fuel-fired power plants over the next two years. The forecast share of generation for U.S. non-hydropower renewable sources, including solar and wind, grows from 13% in 2021 to […]
