U.S. wholesale electricity prices were lower and less volatile in 2024
Average wholesale electricity prices at major trading hubs in the Lower 48 states were lower in 2024 than in 2023. In addition, prices were much less volatile than they have been over the last few years. Lower and more stable electricity prices in 2024 were mostly driven by low natural gas prices, as well as […]
EIA extends five key energy forecasts through December 2026
In our January 2024 Short-Term Energy Outlook, which includes data and forecasts through December 2026, we forecast five key energy trends that we expect will help shape markets over the next two years.
Natural gas vehicle fuel prices rose in 2022 and 2023 after a decade of relative stability
After a decade of nearly flat prices from 2011 to 2021, inflation-adjusted fuel prices for natural gas vehicles increased in 37 states from 2021 to 2023, according to new estimates in our State Energy Data System (SEDS). Real U.S. natural gas prices for vehicle fuel remained 25% below their peak in 2008.
The eighth U.S. liquefied natural gas export terminal, Plaquemines LNG, ships first cargo
On December 26, 2024, Plaquemines LNG—the eighth liquefied natural gas (LNG) export terminal in the United States—shipped its first cargo after achieving first LNG production in mid-December. Plaquemines LNG is one of two U.S. LNG export terminals that started LNG production in 2024. Corpus Christi Stage 3 (an expansion of the existing Corpus Christi LNG […]
Since the 2011 Fukushima accident, Japan has restarted 14 nuclear reactors
Japanese utilities restarted two additional nuclear reactors in 2024 that had been suspended from operations in response to the 2011 Fukushima Daiichi accident, taking the total number of restarted reactors to 14 since the accident. In November, Tohoku Electric Power Co. restarted its 796-megawatt (MW) Onagawa Unit 2 reactor, and in December Chugoku Electric Power […]
Spot Henry Hub natural gas prices hit a historic low in 2024
In 2024, the U.S. benchmark Henry Hub natural gas spot price averaged $2.21 per million British thermal units (MMBtu), the lowest average annual price in inflation-adjusted dollars ever reported. The annual average Henry Hub natural gas spot price in 2024 decreased by 16% from its 2023 average and 68% from its 2022 average, the largest […]
In 2024, U.S. retail gasoline prices averaged about 20 cents less than in 2023
The U.S. retail price for regular grade gasoline averaged $3.30 per gallon (gal) in 2024, $0.21/gal less than in 2023. Lower crude oil prices and narrower refinery margins in 2024 than in 2023 both contributed to the decrease in U.S. retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update. From the […]
Second-quarter U.S. gasoline consumption has been less than during 2021
Based on weekly estimates in our Weekly Petroleum Status Report (WPSR), less gasoline has been consumed in the United States during the second quarter of 2022 and early July than during the same period in 2021. Our latest Petroleum Supply Monthly (PSM) confirms the trend, which shows that U.S. gasoline consumption (measured as product supplied) […]
EIA updated geologic maps of the hydrocarbon-rich Midland Basin Spraberry formation
We have updated our maps and geologic information for the Spraberry formation in the Midland Basin, which continues to be one of the most prolific areas for hydrocarbon production in the United States. The formation spans 16 counties in western Texas, which is the eastern part of the larger Permian Basin. In April 2022, daily […]
U.S. monthly average Henry Hub spot price nearly doubled in 12 months
During the past 12 months (July 2021–June 2022), the monthly average Henry Hub natural gas spot price, which is a U.S. benchmark, nearly doubled, according to data from Refinitiv Eikon. The price rose from $3.84 per million British thermal units (MMBtu) in July 2021 to $7.70/MMBtu in June 2022. The average inflation-adjusted (real) monthly Henry […]