China is well known as the world’s leading electric vehicle (EV) market. More than half of the world’s EV sales have occurred there in recent years. It is a standard of the rapid, uplifting EV revolution. In 2023, 25% of auto sales in China were sales of full electric vehicles. … [continued]
We increased our forecast prices for crude oil and petroleum products for the remainder of 2024 in our March Short-Term Energy Outlook (STEO) following the announcement that OPEC+ will extend the existing voluntary production cuts through the second quarter of 2024. We now forecast significantly less global oil production than world oil consumption through the first … [continued]
U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was … [continued]
By far the greatest user is the fossil fuel industry, and they want to multiply its use by orders of magnitude to perpetuate their business.
Last week I had the opportunity to talk with over 300 participants in an Australian Smart Energy Council webinar. It was organized to exploit my unusual timezone alignment with Oz as I spend a few weeks in New Zealand as a digital nomad. Over 600 signed up, expecting to listen … [continued]
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO) June 2021 In 2020, Iran produced less than 2 million barrels per day (b/d) of crude oil, an almost 40-year low in Iran’s production levels according to our analysis, which we updated in July. Several factors contributed to Iran’s low crude oil production in 2020, … [continued]
In 2020, 18.1 million barrels per day (b/d) of petroleum products were consumed in the United States, a 25-year low. From 2019 to 2020, petroleum consumption decreased in every energy-consuming sector, and it decreased a record 15% in the transportation sector. Our new U.S. petroleum products consumption by source and sector chart … [continued]
In 2020, energy production in the United States fell to just below 96 quadrillion British thermal units (quads), down more than 5% from 2019’s record high, according to our Monthly Energy Review. In absolute terms, the drop from 101.3 quads in 2019 to 95.8 quads in 2020 marked the largest annual decrease … [continued]
According to daily estimates from the U.S. Bureau of Safety and Environmental Enforcement (BSEE), Hurricane Laura reduced crude oil production in the Federal Offshore Gulf of Mexico by an estimated 14.4 million barrels over a span of 15 days, the most of any hurricane since the combined effect of Hurricanes Gustav and Ike in 2008.
With the COVID-19 pandemic keeping many people and cars at home and the looming threat of mass bankruptcy forcing consumer demand even lower, we have to ask: are gas stations making any money?
