article thumbnail

EIA forecasts crude oil prices will decline through 2023

Green Car Congress

Global oil consumption outpaced oil production for the six consecutive quarters ending with the fourth quarter of 2021 (4Q21), which has led to persistent withdrawals from global oil inventories and significant increases in crude oil prices.

article thumbnail

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

Green Car Congress

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.

article thumbnail

Oil Prices on the Rise Again

Green Energy Consumers

But in recent weeks, we have seen a rise in oil prices. Nationally, gasoline prices have risen almost a penny per day for the last month. In New England, wholesale heating oil prices have risen almost two pennies per day. What’s going on?

article thumbnail

Oil Price Fluctuations and the Power of OPEC

Energy Institute at HAAS

A wild recent day for oil prices demonstrates OPEC’s enduring influence. Oil prices were … Continue Reading Oil Price Fluctuations and the Power of OPEC. Last week Saudi Arabia announced that it will reach $300+ billion in government revenues for 2022.

article thumbnail

How crude-oil prices influence gasoline prices

Green Car Congress

Although the gasoline prices were available for each day throughout this period, the crude-oil prices were not available for weekends, holidays, and selected other days. Therefore, the analysis included only those days for which both prices were available—a total of 2,518 days.

article thumbnail

IHS Markit: oil price collapse will change trajectory of North American gas supply

Green Car Congress

The trajectory of North American gas supply is set to change radically as a result of the fall in oil prices that has occurred due to COVID-19 and the breakdown in production cooperation between OPEC and Russia, according to IHS Markit. The Permian Basin, long viewed as the gem of US unconventional oil production, currently produces 4.6

article thumbnail

A Silver Lining to the Oil Price Cloud

Energy Institute at HAAS

On the growing list of … Continue Reading A Silver Lining to the Oil Price Cloud. Russia’s war on Ukraine will likely accelerate reductions in transportation emissions. This week’s blog is co-authored with Erich Muehlegger and David Rapson of UC Davis.