Today in Energy
Texas and New Mexico led U.S. crude oil production in 2022
U.S. crude oil production grew 5.6%, or 0.6 million barrels per day (b/d), in 2022 compared with 2021, averaging 11.9 million b/d according to our Monthly Crude Oil and Natural Gas Production report. The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S...
U.S. propane consumption last winter was the lowest on record
We estimate that U.S. propane consumption averaged 0.986 million barrels per day (b/d) during the 2022–23 winter heating season (October through March), the least for a winter heating season on record, starting in 2010. Reduced average winter U.S. propane consumption was influenced by less...
U.S. Henry Hub natural gas price expected to increase from recent lows
In our May Short-Term Energy Outlook (STEO), we expect the U.S. benchmark Henry Hub natural gas spot price to increase throughout 2023 from its recent lows. In April, the Henry Hub price averaged $2.16 per million British thermal units (MMBtu). We expect the monthly average Henry Hub price to reach...
Incentives and lower costs drive electric vehicle adoption in our Annual Energy Outlook
According to our Annual Energy Outlook 2023 (AEO2023), we project that electric vehicles (EVs), including both battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), will account for between 13% and 29% of new light-duty vehicle sales in the United States in 2050 and between...
EIA projects coal capacity will decrease in our Annual Energy Outlook 2023
Our Annual Energy Outlook 2023 (AEO2023) projects that U.S. coal-fired generating capacity will drop below half of 2022 levels by 2050. Read More...
Mixed water supply condition across western states affects 2023 hydropower outlook
Record-breaking rain and snow in parts of the western United States contribute to our forecast 72% rise in hydropower generation in California this year compared with last year, according to our latest Short-Term Energy Outlook (STEO). However, below-normal precipitation and a mixed water supply...
CountryMark Named One of Indiana’s Fastest Growing Companies
CountryMark was named this week by the Indianapolis Business Journal as one of the state’s fastest growing companies based on 2022 revenues. This was CountryMark’s first time to be included in the IBJ’s list of fast-growing companies. Read More...
What is OPEC+ and how is it different from OPEC?
The Organization of the Petroleum Exporting Countries, also known as OPEC, was formed in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela. The organization has since expanded to 13 members. OPEC regularly meets to set oil production targets and coordinate output to help manage global oil...
Europe ended winter 2022–23 with the most natural gas in storage on record
As of April 1, natural gas storage inventories were 56% full—the highest percentage on record for the end of a heating season (November 1 through March 31)—according to data from Gas Infrastructure Europe’s Aggregated Gas Storage Inventory (AGSI+). On April 1, natural gas storage in Europe totaled...
U.S. households in warmer states consume less site energy than households in colder states
U.S. households consumed an average of 76.7 million British thermal units (MMBtu) of site energy in 2020, according to our 2020 Residential Energy Consumption Survey (RECS) data. The average site energy a household uses is largely correlated with the average outdoor temperature; households in colder...
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