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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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The US Energy Information Administration (EIA) expects global consumption of liquid fuels such as gasoline, diesel, and jet fuel, to set new record highs in 2024. EIA also expects oil production in Canada, Brazil, and Norway collectively to grow 12% from 2022 to 2024, and also expects growth from new sources such as Guyana.

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EIA expects increased US crude oil production, with continued high petroleum prices in 2022

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The US Energy Information Administration (EIA) forecasts that US crude oil production will average 11.9 Despite the increases in production, EIA expects the Brent crude oil price to remain above $100 per barrel this year, according to the agency’s May 2022 Short-Term Energy Outlook (STEO). and by 1.5% in summer 2021.

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EIA expects US motor fuel consumption to increase this summer, but remain below 2019 levels

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The US Energy Information Administration (EIA) forecasts an increase in demand for petroleum products during the 2021 summer driving season as the impacts of COVID-19 diminish in the United States. EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel.

2019 186
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EIA STEO projects higher US crude production, increases in travel and gasoline demand

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In its latest Short-Term Energy Outlook (STEO), the US Energy Information Administration (EIA) projects that US crude oil production, which averaged an estimated 8.9 That level is higher than originally forecast, exceeding the previous record level of 9.6 For summer 2017, EIA forecasts motor gasoline consumption to average 9.5

Gasoline 150
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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

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Among the more detailed transportation projections in AEO2014 are: LDVs powered by gasoline remain the dominant vehicle type in the AEO2014 Reference case, retaining a 78% share of new LDV sales in 2040, down from their 82% share in 2012. Natural gas overtakes coal as the largest fuel for US electricity generation.

Oil 290
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EIA AEO2015 projects elimination of net US energy imports in 2020-2030 timeframe; transportation energy consumption drops

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AEO2015 presents updated projections for US energy markets through 2040 based on six cases (Reference, Low and High Economic Growth, Low and High Oil Price, and High Oil and Gas Resource) that reflect updated scenarios for future crude oil prices. trillion cubic feet (Tcf) in the Low Oil Price case to 13.1

2020 150
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Study projects emission impacts of inexpensive, efficient EVs: 36% further reduction in LDV GHG by 2050, or 9% economy-wide

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A new study by researchers at the University of Colorado at Boulder projects the emission impacts of the widespread introduction of inexpensive and efficient electric vehicles into the US light duty vehicle (LDV) sector. Among their findings: Gasoline vehicles dominate in the BAU scenario for the entire time horizon.

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