Global trade in liquefied natural gas continued to grow in 2023
Liquefied natural gas (LNG) trade increased 3.1% globally in 2023 to average 52.9 billion cubic feet per day (Bcf/d), an increase of 1.6 Bcf/d from 2022, according to a recently released report from the International Group of Liquefied Natural Gas Importers (GIIGNL). Expanded export and import capacity and increasing natural gas demand drove the growth […]
West Coast summer refinery margins decline despite reduced capacity
This spring, California refinery crack spreads for gasoline and diesel dipped below average despite shrinking refinery capacity on the West Coast (PADD 5). Crack spreads are the difference between refined product prices and an equivalent volume of crude oil. We use them as a measure to estimate refinery margins based on commodity market conditions. The […]
U.S. jet fuel consumption in 2023 remained below the pre-pandemic high
Annual jet fuel consumption in the United States grew in 2023 for the third year in a row but remained below the pre-pandemic peak in 2019, suggesting U.S. aviation had not fully returned to normal operations in the third year after the onset of the COVID-19 pandemic. U.S. jet fuel consumption averaged 1.65 million barrels […]
How has energy use changed throughout U.S. history?
In 2023, 94 quadrillion British thermal units (quads) was consumed in the United States, a 1% decrease from 2022, according to our Monthly Energy Review. Fossil fuels—petroleum, natural gas, and coal—accounted for nearly 83% of total U.S. energy consumption in 2023. Nonfossil fuel energy—from renewable sources and from nuclear—accounted for the other 17%. In 2023, […]
Increasing U.S. gasoline inventories are reducing gasoline prices
Weekly U.S. average gasoline prices have declined 19 cents per gallon (gal) since the 2024 high on April 22, falling to $3.48/gal on July 1, five cents/gal less than the price a year ago. Increasing gasoline inventories, relatively weak demand, and oil prices below recent peaks are all contributing to falling gasoline prices.
June heat wave increased electricity demand in the eastern and midwestern United States
Electricity demand in the eastern and midwestern United States increased in June as a heatwave settled across the Midwest, mid-Atlantic, and Northeast regions of the United States. Demand across the Eastern Interconnection—which covers much of the mainland United States east of the Rocky Mountains except Texas—peaked at 502,670 megawatts (MW) in a single hour on […]
Commercial electricity demand grew fastest in states with rapid computing facility growth
Consumption of electricity in the U.S. commercial sector has recovered from pandemic levels, with annual U.S. sales of electricity to commercial customers in 2023 totaling 14 billion kilowatthours (BkWh), or 1%, more than in 2019. However, the growth in commercial demand for electricity is concentrated in a handful of states experiencing rapid development of large-scale […]
Panama Canal traffic to increase as drought conditions ease
The Panama Canal Authority (APC) announced this month that it will increase the number of daily booking slots for vessels transiting the Panama Canal to 35 in August, easing rules that restricted shipping traffic through the narrow waterway since last year. The APC increased booking slots following higher rainfall at Gatun Lake, increasing Neopanamax crossings […]
Why are Midwest grid operators turning away wind power?
As wind generation capacity has grown in the Midwest of the United States, grid operators have increasingly restricted wind generation because of both oversupply and congestion on the grid.
U.S. energy production exceeded consumption by record amount in 2023
In 2023, energy production in the United States rose 4% to nearly 103 quadrillion British thermal units (quads), a record. Energy consumption in the United States fell 1% to 94 quads during the same period. Production exceeded consumption by 9 quads, more than at any other time in our records, which date to 1949.