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EIA forecasts US fossil fuel production to reach new highs in 2023

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After declining in 2020, the combined production of US fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 Crude oil accounted for 30%, coal for 15%, and natural gas plant liquids (NGPLs) for 9%. In 2020, US coal production had fallen to its lowest level since 1964.

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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 continued high prices for diesel and home heating oils

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The US Energy Information Administration (EIA) expects that low inventories of distillate fuels, which are primarily consumed as diesel fuel and heating oil, will lead to high prices through early 2023. US distillate fuel inventories average 17% below the five-year average in the forecast for 2023.

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

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EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.

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EIA expects annual US crude oil production to surpass pre-pandemic levels in 2023

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The US Energy Information Administration (EIA) forecasts that US oil production will average 12.4 million barrels per day during 2023, surpassing the record high for domestic crude oil production set in 2019. EIA also expects OPEC to increase its crude oil production to 28.9 million barrels per day in 2021.

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US renewables’ installed generating capacity beats coal

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Photo by Los Muertos Crew on Pexels.com Solar capacity additions hit the ground running in 2024, pushing renewables’ installed generating capacity past coal, according to new US Federal Energy Regulatory Commission (FERC) data. That’s more than the installed capacity of coal (207.15 of the total. GW) but also hydropower (101.41

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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.

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