U.S. natural gas consumption reached record daily high in late December 2022
On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a daily record high of 141.0 billion cubic feet (Bcf), according to estimates from S&P Global Commodity Insights. The previous record was 137.4 Bcf, set on January 1, 2018. Below-normal temperatures in mid- to late December increased demand for natural gas […]
Proved reserves of natural gas increased 32% in the United States during 2021
Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. U.S. proved reserves had previously decreased 4% in […]
In the past 20 years, natural gas has displaced most coal-fired generation in Pennsylvania
Natural gas-fired power plants generated 2% of the electricity produced in Pennsylvania in 2001. Over the next 20 years, natural gas-fired generation in the state increased rapidly, reaching 52% in 2021. Natural gas displaced most coal-fired generation, which fell from 57% of the electricity generated in Pennsylvania in 2001 to 12% in 2021.
U.S. crude oil production will increase to new records in 2023 and 2024
In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 million […]
Daily natural gas spot prices in western United States exceed $50.00/MMBtu in December
On December 21, 2022, daily natural gas spot prices at three major trading hubs in the western United States (Pacific Gas & Electric [PG&E] Citygate, Northwest Sumas on the Canada-Washington border, and Malin, Oregon) were higher than $50.00 per million British thermal units (MMBtu). These hub prices were higher than in any other market and […]
Nuclear power plants generated 68% of France’s electricity in 2021
France has one of the largest nuclear power programs in the world. Nuclear power plants in France generated 361 billion kilowatthours of electricity in 2021, accounting for 68% of the country’s annual electricity generation, the highest nuclear generation share in the world.
Increasing renewables likely to reduce coal and natural gas generation over next two years
In our latest Short-Term Energy Outlook, we expect that increased U.S. power generation from new renewables capacity—mostly wind and solar—will reduce generation from both coal-fired and natural gas-fired power plants in 2023 and 2024.
EIA forecasts lower wholesale U.S. natural gas prices in 2023 and 2024
In our January Short-Term Energy Outlook (STEO), we forecast the natural gas spot price at the U.S. benchmark Henry Hub will average $4.90 per million British thermal units (MMBtu) in 2023, more than $1.50/MMBtu lower than the 2022 average. We expect prices to stay nearly the same in 2024 as dry natural gas production continues […]
U.S. commercial buildings consumed more fuel for space heating than anything else in 2018
In 2018, nearly one-third (32%) of the energy consumed by commercial buildings in the United States was used for space heating, the largest end-use category tracked in our latest Commercial Buildings Energy Consumption Survey (CBECS).
EIA expects U.S. gasoline and diesel retail prices to decline in 2023 and 2024
We forecast retail gasoline and diesel prices will decline in 2023 and 2024, according to our latest Short-Term Energy Outlook (STEO), after reaching multiyear highs in the first half of 2022. We forecast that retail prices for regular-grade gasoline will average $3.32 per gallon (gal) in 2023 and continue to decrease to average $3.09/gal in […]