Today in Energy – US Energy Information Administration (EIA)

Brief analysis

29 August 2024

Prior to the holiday weekend, the retail price of all formulations of regular gasoline in the United States averaged $3.31 per gallon (gal) on August 26, 2024, down 13% from the same period last year. The decline in prices paid at the pump was due to weak growth in global and U.S. demand for petroleum products, continued growth in crude oil production in non-OPEC+ countries, and China's slowing economy.

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Brief analysis

28 August 2024

In 2022, energy spending—or the amount U.S. consumers spent on energy—rose 22% compared to 2021, to over $1.7 trillion after adjusting for inflation, according to our State Energy Data System (SEDS). Adjusted for inflation, more money was spent on energy in the United States in 2022 than in all but two years of our records. Higher U.S. energy prices in 2022 compared to 2021, particularly higher petroleum prices for transportation, were the primary reason for the increase in total U.S. energy spending.

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Brief analysis

27 August 2024

Electricity generation from fossil fuels increased in New England to meet additional air conditioning demand during heat waves in June and July. Electricity generation from natural gas accounted for 56% of New England's electricity mix during the week of the heat wave on June 16, and peaked at 61% on June 22. Between July 6 and July 13, electricity generated from natural gas averaged 58% of the electricity mix. Despite the closure of the Mystic Generating Station in Massachusetts, natural gas accounted for a larger share of the electricity mix during both periods than the five-year average (2019–2023) of 48% for the period June 16-23 and 54% for the period July 6-13.

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Brief analysis

26 August 2024

Data source: Defense Intelligence
Note: EV = Electric Vehicles, including both battery-powered electric vehicles and plug-in hybrid vehicles

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 commercial vehicle (LDV) sales in 1Q24 to 18.7% in 2Q24, according to estimates by Wards Intelligence.

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Brief analysis

22 August 2024

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

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Detailed analysis

21 August 2024

In our latest Short-term energy outlook (STEO), we forecast that crude oil production in the United States will increase to an average of 13.7 million barrels per day (b/d) and marketed natural gas production will increase to an average of 114.3 billion cubic feet per day (Bcf/d) in 2025. The majority of the forecast growth in oil and natural gas production will come from the Permian region of western Texas and eastern New Mexico, where we expect productivity gains, new and expanded infrastructure, and high crude oil prices to support increasing production.

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Brief analysis

20 August 2024

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/gallon of diesel fuel, according to our Federal and State Fuel Taxes table. Since January 2024, both average taxes on gasoline and diesel fuel have remained nearly unchanged, each increasing by less than half a cent.

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Brief analysis

19 August 2024

According to our latest Preliminary monthly inventory of power generatorsDevelopers and power plant owners in the United States added 20.2 gigawatts (GW) of utility-scale power generation capacity in the first half of 2024. This new capacity is 3.6 GW (21%) more than the capacity added in the first six months of 2023. Based on the most recently reported data, developers and owners expect to add an additional 42.6 GW of capacity in the second half of the year.

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Brief analysis

16 August 2024

The developer of Mexico's first liquefied natural gas (LNG) export facility shipped a first cargo this month. The LNG was transported via the Panama Canal to Mexico's LNG import terminal in Baja California Sur. Developer New Fortress Energy produced the LNG aboard an offshore floating LNG (FLNG) production vessel with the capacity to liquefy up to 0.199 billion cubic feet per day (Bcf/d) of natural gas – one of two FLNG production units that are part of the Fast LNG Altamira export project on Mexico's east coast. The project will be supplied with U.S. natural gas delivered via the Sur de Texas-Tuxpan pipeline.

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Brief analysis

15 August 2024

Data source: China National Bureau of Statistics, China General Administration of Customs and Bloomberg LP
Note: We define apparent demand as refinery production plus imports minus exports.

Our estimates for diesel consumption in China totaled 3.9 million barrels per day (b/d) in June 2024, down 11% from the same month last year and the largest year-on-year decline in consumption since July 2021.

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Brief analysis

14 August 2024

Data source: S&P Global Commodity Insights, China National Bureau of Statistics and China Energy Statistical Yearbooks
Note: industry Consumption also includes natural gas as a raw material. Other includes district heating and transport.

In 2023, China consumed 7%, or 2.6 billion cubic feet per day (Bcf/d), more natural gas than in 2022, following a 1.1% decline in 2022 when economic growth was slower, mainly due to China’s Zero-COVID Measures that lead to a reduction in natural gas consumption.

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Brief analysis

13 August 2024

Wind power generation hit a new record in the United States in April, and wind power generation surpassed coal-fired power generation in both March and April, data from our July 2024 study Monthly energy report show.

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Brief analysis

12 August 2024

Data source: Evaluate energy

Global proven crude oil and natural gas reserves of 175 publicly traded global exploration and production (E&P) companies increased by 2.0 billion barrels of oil equivalent (BOE), or about 1%, in 2023, according to the companies' annual financial reports.

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Brief analysis

8 August 2024

Uranium mining operations in the United States produced more than 82,000 pounds of uranium concentrate in the first quarter of 2024, more than in all of 2023. Domestic uranium mines produced 50,000 pounds of triuran octaxide (U₃O₈), also called uranium concentrate, in 2023, a significant decrease from the 194,000 pounds produced in 2022.

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Detailed analysis

7 August 2024

In our latest Short-term energy outlookWe forecast that U.S. natural gas inventories will reach 3,954 billion cubic feet (Bcf) by the end of October, the largest amount of natural gas in U.S. storage since November 2016. For the remainder of the injection season (through October), we forecast below-average cumulative injection volumes because inventories were relatively well-filled in March and because we expect above-average U.S. natural gas consumption and relatively flat natural gas production this summer.

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