U.S. electricity customers averaged five and one-half hours of power interruptions in 2022
On average, U.S. electricity customers experienced approximately five and one-half hours of electricity interruptions in 2022, almost two hours less than in 2021, according to our recently released Annual Electric Power Industry Report. The annual decline was driven by fewer major events in 2022 compared with 2021.
U.S. monthly dry natural gas production set a new record in December 2023
U.S. dry natural gas production in the Lower 48 states reached an all-time monthly high of 105.5 billion cubic feet per day (Bcf/d) in December 2023, according to data from S&P Global Commodity Insights. In 2023, Lower 48 dry natural gas production increased 3.7% (3.6 Bcf/d) from 2022. Dry natural gas production increased 3.8 Bcf/d […]
Rise in relatively denser crude oil production drives U.S. growth
Crude oil production in the United States reached a record high in August 2023, led primarily by more production in Texas. In 2023, most of the crude oil produced in Texas was relatively dense for the state.
Fewer markets are importing Russia’s coal
Russia’s reliance on four, mainly Asian, countries to import its coal has increased since some countries implemented sanctions against Russia after it invaded Ukraine, according to Global Trade Tracker data. This trade shift corresponds with increased coal exports from the United States to Europe and EU sanctions that went into full effect in August 2022. […]
In most U.S. regions, 2024 wholesale electricity prices will be similar to 2023
We expect average wholesale electricity prices for 2024 in most areas of the country to be close to or slightly lower than in 2023 because of relatively stable generation fuel costs. However, periods of high demand or power market supply constraints could lead to temporary spikes in wholesale prices.
EIA expects average U.S. gasoline and diesel prices to decrease in 2024 and 2025
In our January Short-Term Energy Outlook (STEO), we expect average U.S. retail gasoline prices to decrease in 2024 because of increased inventories related to increased refinery capacity. In 2025, we expect slightly reduced gasoline consumption to further decrease prices. We expect similar supply-side factors to lower retail diesel prices in 2024 and 2025, although U.S. […]
Solar and wind to lead growth of U.S. power generation for the next two years
In our latest Short-Term Energy Outlook, we forecast that wind and solar energy will lead growth in U.S. power generation for the next two years. As a result of new solar projects coming on line this year, we forecast that U.S. solar power generation will grow 75% from 163 billion kilowatthours (kWh) in 2023 to […]
We expect Henry Hub natural gas spot price to average under $3.00/MMBtu in 2024 and 2025
We expect the U.S. benchmark natural gas spot price at the Henry Hub to average under $3.00 per million British thermal units (MMBtu) in 2024 and 2025 in our January Short-Term Energy Outlook (STEO). The annual average Henry Hub prices in 2024 and 2025 increase from 2023 in our forecast because we expect natural gas […]
EIA expects relatively flat crude oil prices in 2024 and 2025
We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years. We expect the Brent crude oil price will average $82 per barrel (b) in 2024 and $79/b in […]
We expect solar will supply almost all growth in U.S. electricity generation through 2025
We expect solar electric generation will be the leading source of growth in the U.S. electric power sector. In our January Short-Term Energy Outlook (STEO), which contains new forecast data through December 2025, we forecast new capacity will boost the solar share of total generation to 5.6% in 2024 and 7.0% in 2025, up from […]