Market prices for Renewable Fuel Standard credits are falling
The prices of ethanol (D6) and biomass-based diesel (D4) renewable identification number (RIN) credits�the compliance mechanism used for the Renewable Fuel Standard (RFS) program administered by the U.S. Environmental Protection Agency (EPA)�each fell by more than one third between September 1 and October 16, our data shows. As of October 16, biomass-based diesel RINs (D4 […]
The number of operating U.S. natural gas rigs has declined 24% since start of 2023
On October 20, the Baker Hughes Company reported 118 natural gas-directed rigs were active in the United States, a decrease of 38 rigs since the start of 2023. The decline in active drilling rigs coincides with lower natural gas prices for most of 2023, compared with relatively high natural gas prices for most of 2022.
Venezuela’s heavy crude oil output increases are limited following U.S. sanctions relief
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) effectively lifted most U.S. sanctions on Venezuela’s energy sector on October 18 for six months, paving the way for additional exports of the heavy, sour crude oil the country produces. That type of crude oil has been in short supply and has had […]
Average U.S. natural gas bills expected to decrease this winter
We forecast lower average natural gas bills for U.S. consumers that heat their homes primarily with natural gas this winter heating season (November 1 to March 31) compared with last winter. The lower residential winter natural gas expenditures we forecast in the 2023 Winter Fuels Outlook supplement to our October Short-Term Energy Outlook (STEO) are […]
High Permian well productivity, crude oil prices drive U.S. natural gas production growth
We estimate that U.S. marketed natural gas production in the Lower 48 states (L48) will grow by 5% (5.0 billion cubic feet per day [Bcf/d]) in 2023 and 2% (1.8 Bcf/d) in 2024 in our latest Short-Term Energy Outlook. Most of the forecast growth comes from the Permian region, where we expect that improved well-level […]
U.S. summer nuclear outages rose in 2023, returning to 2021 levels
Outages of U.S. nuclear generating capacity averaged 3.1 gigawatts (GW) per day during the summer of 2023 (June 1 through August 31), a return to 2021 levels. Capacity outages this past summer exceeded those in summer 2022 by more than 25%. Nuclear capacity outages peaked in June because some reactors were still offline at the […]
New natural gas-fired capacity additions expected to total 8.6 gigawatts in 2023
So far in 2023, 10 natural gas-fired power plants have come online in the United States with a total of 6.8 gigawatts (GW) of electric generating capacity, according to our Monthly Electric Generator Inventory. By the end of 2023, we expect another six natural gas-fired power plants with another 1.8 GW of capacity to come […]
EIA expects most U.S. households will spend less on energy this winter
We expect U.S. households that use natural gas and those that are located in the West (regardless of fuel type)—together accounting for more than half of all U.S. households—to spend less on heating this winter compared with last winter. U.S. homes that use heating oil will likely spend slightly more this winter than last winter […]
EIA projects global energy consumption will outpace efficiency gains in most cases
In our International Energy Outlook 2023 (IEO2023), we project that global energy-related CO2 emissions will increase by 2050 in a number of IEO2023 cases as global population growth and higher living standards push growth in energy consumption beyond advances in energy efficiency.
U.S. crude oil exports reached a record high in first half of 2023
U.S. crude oil exports in the first half of 2023 averaged 3.99 million barrels per day (b/d), which is a record high for the first half of a year since 2015, when the U.S. ban on most crude oil exports from the United States was repealed. In the first half of 2023, crude oil exports […]