U.S. energy spending increased by more than 20% in 2022
Note: GDP=gross domestic product
In 2022, energy expenditures—or the amount of money U.S. consumers spent on energy—increased 22% from 2021 to more than $1.7 trillion when adjusted for inflation, according to our State Energy Data System (SEDS). More money was spent on energy in the United States on an inflation-adjusted basis in 2022 than in all but two years in our records. Higher U.S. energy prices in 2022 compared with 2021, particularly higher petroleum prices for transportation, caused most of the increase in total U.S. energy expenditures.
Read More ›Tags: natural gas, electricity, prices, liquid fuels, states, oil/petroleum
Natural gas-fired electricity generation increased during heat waves in New England
Electricity generation using fossil fuels increased in New England to meet the additional air-conditioning demand during heat waves in June and July. Natural gas-fired electricity generation made up 56% of New England’s generation mix during the week of the June 16 heat wave, peaking at 61% on June 22. Between July 6 and 13, natural gas-fired electricity averaged 58% of the generation mix. Despite the closure of the Mystic Generating Station in Massachusetts, natural gas accounted for more of the generation mix during both periods compared with the five-year (2019–23) average of 48% for the June 16–23 period and 54% for July 6–13.
Read More ›Tags: natural gas, generation, electricity, weather, New England
U.S. share of electric and hybrid vehicle sales increased in the second quarter of 2024
Note: EV=electric vehicles, which include both battery electric and plug-in hybrid electric vehicles
The share of electric and hybrid vehicle sales in the United States increased in the second quarter of 2024 (2Q24) after a slight decline in 1Q24. Combined U.S. sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) increased from 17.8% of total new light-duty vehicle (LDV) sales in 1Q24 to 18.7% in 2Q24, according to estimates from Wards Intelligence.
Read More ›Midwest refinery outages increase regional gasoline prices
A series of refinery outages in Chicago and Ohio have generally increased Midwest prices for petroleum products relative to the U.S. average, particularly gasoline. The outages reflect an unusual decline in refining activity near the end of the high-demand summer season and have drawn down regional inventories.
Read More ›Tags: prices, refineries, gasoline, Midwest, outages, petroleum products
Permian production forecast growth driven by well productivity, pipeline capacity
Data values: U.S. Petroleum and Other Liquids Supply, Consumption, and Inventories and U.S. Natural Gas Supply, Consumption, and Inventories
In our latest Short-Term Energy Outlook (STEO), we forecast that crude oil production in the United States will grow to an average of 13.7 million barrels per day (b/d) and marketed natural gas production will grow to an average of 114.3 billion cubic feet per day (Bcf/d) in 2025. Most of the forecast growth in oil and natural gas production comes from the Permian region of western Texas and eastern New Mexico, where we expect productivity gains, new and expanded infrastructure, and high crude oil prices will support rising production.
Read More ›Average state tax rates for retail gasoline and diesel fuel flat since January 2024
This TIE was updated August 20, 2024 to correct a figure.
As of July 1, 2024, state taxes and fees on gasoline and diesel fuel averaged $0.33 per gallon (gal) of gasoline and $0.35/gal of diesel fuel, according to our federal and state motor fuel taxes table. Since January 2024, both the gasoline and diesel average taxes have remained nearly flat, increasing less than half of one cent each.
Read More ›Tags: prices, gasoline, liquid fuels, diesel, states, map, taxes, oil/petroleum, petroleum products
U.S. power grid added 20.2 GW of generating capacity in the first half of 2024
According to our latest Preliminary Monthly Electric Generator Inventory, developers and power plant owners added 20.2 gigawatts (GW) of utility-scale electric generating capacity in the United States during the first half of 2024. This new capacity is 3.6 GW (21%) more than the capacity added during the first six months of 2023. Based on the most recently reported data, developers and owners expect to add another 42.6 GW of capacity in the second half of the year.
Read More ›Tags: nuclear, natural gas, generation, electricity, retirements, wind, solar, capacity
Initial cargo of liquefied natural gas ships from Mexico
Note: Map current as of August 2024. LNG=liquefied natural gas; Bcf/d=billion cubic feet per day
The developer of the first liquefied natural gas (LNG) export facility in Mexico shipped an initial cargo this month, with the LNG sailing via the Panama Canal to Mexico’s LNG import terminal in Baja California Sur. Developer New Fortress Energy produced the LNG aboard an offshore Floating LNG (FLNG) production vessel with a capacity to liquefy up to 0.199 billion cubic feet per day (Bcf/d) of natural gas—one of two FLNG production units that are part of the Fast LNG Altamira export project on the east coast of Mexico. U.S. natural gas delivered via the Sur de Texas-Tuxpan pipeline supplies the project.
Read More ›Diesel consumption falls in China due to reduced economic activity and fuel substitution
Note: We define apparent demand as refinery production plus imports minus exports.
Our estimates of diesel consumption in China totaled 3.9 million barrels per day (b/d) in June 2024, a decline of 11% from the same month last year and the largest year-over-year decline in consumption for any month since July 2021.
Read More ›China’s natural gas consumption, production, and imports all increased in 2023
Note: Industrial consumption includes natural gas feedstock. Other includes district heating and transport.
In 2023, 7%, or 2.6 billion cubic feet per day (Bcf/d), more natural gas was consumed in China than in 2022, after a decline of 1.1% in 2022 when economic growth was slower, mainly due to China’s zero-COVID policies, leading to a reduction in natural gas consumption.
Read More ›U.S. wind generation hit record in April 2024, exceeding coal-fired generation
This TIE was updated August 14, 2024 and August 27, 2024 to correct the units.
Electricity generation from wind established a new record in the United States in April, and wind generation exceeded coal-fired generation in both March and April, data from our July 2024 Monthly Energy Review show.
Read More ›Tags: coal, electricity, electric generation, wind
Public company proved oil and natural gas reserves were mostly unchanged in 2023
Global proved crude oil and natural gas reserves held by 175 publicly traded global exploration and production (E&P) companies increased by 2.0 billion barrels of oil equivalent (BOE) in 2023, or about 1%, according to data from the companies’ annual financial reports.
Read More ›Tags: natural gas, reserves, liquid fuels, crude oil, oil/petroleum
Domestic uranium market will grow between 2023 and 2024
Note: Data for 2020 withheld to avoid disclosure of individual company data. U3O8=triuranium octoxide
Uranium miners in the United States produced more than 82,000 pounds of uranium concentrate in the first quarter of 2024, more than in all of 2023. Domestic uranium mines produced 50,000 pounds of triuranium octoxide (U3O8), also called uranium concentrate, in 2023, a significant decrease from the 194,000 pounds produced in 2022.
Read More ›Tags: uranium, states, Utah, production/supply
What is the outlook for U.S. natural gas inventories at the end of injection season?
Data values: U.S. Natural Gas Supply, Consumption, and Inventories
In our latest Short-Term Energy Outlook, we forecast that U.S. working natural gas inventories will be 3,954 billion cubic feet (Bcf) by the end of October, the most natural gas in U.S. storage since November 2016. We forecast less-than-average cumulative injections for the rest of the injection season (through October) because inventories were relatively well supplied in March and because we expect more U.S. consumption of natural gas than average this summer and relatively flat natural gas production.
Read More ›U.S. imports of renewable diesel increased in the early months of 2024
Updated August 6, 2024 to correct a data calculation in the third figure.
In the first five months of 2024, U.S. imports of renewable diesel averaged 30,000 barrels per day (b/d), approaching the monthly record set in May 2023. Most of the imports (94%) were destined for the U.S. West Coast, where most of the country's renewable diesel is consumed. All U.S. imports came from Neste’s plants in Singapore and Rotterdam.
Read More ›Tags: renewables, exports/imports, diesel