U.S. battery storage capacity expected to nearly double in 2024
U.S. battery storage capacity has been growing since 2021 and could increase by 89% by the end of 2024 if developers bring all of the energy storage systems they have planned on line by their intended commercial operation dates. Developers currently plan to expand U.S. battery capacity to more than 30 gigawatts (GW) by the […]
Canada’s Trans Mountain Pipeline expansion reportedly 95% complete
Work on Canada’s Trans Mountain Pipeline expansion project is reportedly over 95% complete. When it comes onstream, the expansion will nearly triple the pipeline’s current 300,000 barrels per day (b/d) capacity to move crude oil from oil sands in landlocked Alberta to Canada’s Pacific Coast for export to new customers in Asia or along the […]
U.S. Henry Hub natural gas prices in 2023 were the lowest since mid-2020
The U.S. benchmark Henry Hub natural gas price averaged $2.57 per million British thermal units (MMBtu) in 2023, about a 62% drop from the 2022 average annual price, according to data from Refinitiv Eikon. Record-high natural gas production, flat consumption, and rising natural gas inventories contributed to lower prices in 2023 compared with 2022. The […]
In 2023, U.S. annual average retail gasoline prices were 40 cents a gallon lower than 2022
U.S. retail gasoline prices in 2023 averaged $0.43 per gallon (gal) less than in 2022, according to data from our Gasoline and Diesel Fuel Update. This decline was due, in part, to lower crude oil prices in 2023 compared with 2022 and higher gasoline inventories in the second half of 2023. Compared with the last […]
Brent crude oil prices averaged $19 per barrel less in 2023 than 2022
The price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding. Global markets adjusted to new trade dynamics, with crude oil from Russia finding destinations outside the EU, and global crude oil demand fell short of expectations. Those dynamics offset the impacts […]
Today In Energy Announcement
We are excited to announce changes to Today in Energy (TIE).
California leads the United States in electric vehicles and charging locations
California has led the United States in the number of electric vehicles (EVs) and EV charging locations every year since 2016, accounting for 37% of U.S. registered light-duty EVs and 27% of EV charging locations at the end of the year in 2022, according to new estimates in our State Energy Data System (SEDS).
Japanese refineries close as the country’s petroleum consumption falls
In our Short-Term Energy Outlook, we forecast the lowest annual petroleum consumption in Japan in 2024 since at least 1980, in part due to its aging and declining population. Japan’s reduced consumption is already affecting its refining industry.
New pipelines will bring significant volumes of natural gas to new LNG export terminals
More than 20.0 billion cubic feet per day (Bcf/d) of natural gas pipeline capacity is under construction, partly completed, or approved to deliver natural gas to five U.S. liquefied natural gas (LNG) export terminals that are currently under construction, according to our Natural Gas Pipeline Project Tracker. Some of the new pipeline capacity is under […]
New Renewable Fuel Standard volume targets facilitate renewable natural gas production
On June 21, 2023, the U.S. Environmental Protection Agency (EPA) announced a final rule that established biofuel volume requirements and standards for cellulosic biofuel for 2023�25 as part of the Renewable Fuel Standard (RFS) program. The cellulosic biofuel category primarily applies to Renewable Natural Gas (RNG), a form of natural gas made from biogas. The […]