U.S. hydrocarbon production supported by export growth in long-term projections
In our Annual Energy Outlook 2025 (AEO2025), we project U.S. production growth of crude oil and natural gas remains relatively high through 2030 due to increasing U.S. exports of petroleum products and liquefied natural gas (LNG), as U.S. energy exports continue to be economical for international consumers.
Refinery closures present risk for higher gasoline prices on the West Coast
California is set to lose 17% of its oil refinery capacity over the next 12 months because of two planned refinery closures. If realized, the closure of the facilities is likely to contribute to increases in fuel price volatility on the West Coast.
Imports made up 17% of U.S. energy supply in 2024, the lowest share in nearly 40 years
In 2024, the United States imported about 17% of its domestic energy supply, half of the record share set in 2006 and the lowest share since 1985, according to our Monthly Energy Review. The decline in imports’ share of supply in the previous two decades is attributable to both an increase in domestic energy production […]
How has U.S. energy use changed since 1776?
In 2024, the United States consumed about 94 quadrillion British thermal units (quads) of energy, a 1% increase from 2023, according to our Monthly Energy Review. Fossil fuels—petroleum, natural gas, and coal—accounted for 82% of total U.S. energy consumption in 2024. Nonfossil fuel energy—from renewables and nuclear energy—accounted for the other 18%. Petroleum remained the […]
U.S. refining capacity largely unchanged as of January 2025
According to our latest annual Refinery Capacity Report, U.S. operable atmospheric distillation capacity, the primary measure of refinery capacity, totaled 18.4 million barrels per calendar day (b/cd) on January 1, 2025-essentially flat compared with last year.
Electricity demand in the Eastern United States surged from heat wave
Electricity demand in the PJM Interconnection and ISO New England (two regional grid operators covering the Northeast United States) reached multiyear highs on June 23 and June 24, respectively. Electricity demand increased significantly due to a heat wave that affected most of the Eastern United States this week.
Electricity use for commercial computing could surpass space cooling, ventilation
In our Annual Energy Outlook 2025 (AEO2025) Reference case, we project the electricity consumed for commercial computing will increase faster than any other end use in buildings. Computing accounted for an estimated 8% of commercial sector electricity consumption in 2024 and grows to 20% by 2050. Ultimately, more electricity could be consumed by computing than […]
About one-fifth of global liquefied natural gas trade flows through the Strait of Hormuz
In 2024, about 20% of global liquefied natural gas (LNG) trade transited the Strait of Hormuz, primarily from Qatar. The strait is a critical route for oil and petroleum products as well.
Residential electricity bills could increase slightly this summer
During summer 2025, from June through September, residential customers in the United States can expect average monthly electricity bills of $178, a slight increase from last summer’s average of $173. We expect a slight decrease in consumption, driven by cooler forecast summer temperatures relative to last summer, which only partially offsets the expected increase in […]
U.S. primary energy production, consumption, and exports increased in 2024
The United States continued to produce more energy than it consumed in 2024. This surplus energy production helped energy exports grow to a record high 30.9 quadrillion British thermal units (quads) in 2024, up 4% from 2023. Energy imports stayed flat at 21.7 quads in 2024, meaning the United States exported 9.3 quads more energy […]