An interesting headline from the U.S. Energy Information Administration caught my attention last week. The title of the short story is: “Rapid declines from horizontal wells require more drilling to sustain production.” It sort of feels like an advocacy article of some sort to support our “oil economy.” Here’s the … [continued]
Crude oil production from onshore federal lands has increased in recent years as a result of significant growth in drilling activity and operations. According to data collected by the U.S. Department of the Interior’s Office of Natural Resources Revenue, onshore crude oil production from federal lands reached 1.7 million barrels per … [continued]
California is set to lose 17% of its oil refinery capacity over the next 12 months because of two planned refinery closures. If realized, the closure of the facilities is likely to contribute to increases in fuel price volatility on the West Coast. Phillips 66 announced plans last October to close its … [continued]
In 2024, the United States consumed about 94 quadrillion British thermal units (quads) of energy, a 1% increase from 2023, according to our Monthly Energy Review. Fossil fuels—petroleum, natural gas, and coal—accounted for 82% of total U.S. energy consumption in 2024. Nonfossil fuel energy—from renewables and nuclear energy—accounted for the other … [continued]
The United States continued to produce more energy than it consumed in 2024. This surplus energy production helped energy exports grow to a record high 30.9 quadrillion British thermal units (quads) in 2024, up 4% from 2023. Energy imports stayed flat at 21.7 quads in 2024, meaning the United States exported 9.3 quads more … [continued]
U.S. imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased. Motor gasoline makes up the largest share … [continued]
In 2024, pipeline companies completed five pipeline projects to transport petroleum liquids in the United States, according to our recently updated Liquids Pipeline Projects Database. The five projects consisted of three hydrocarbon gas liquid (HGL) pipelines and two petroleum product pipelines. The completed projects are: Texas Western Products system Enterprise Products … [continued]
U.S. crude oil exports in 2024 surpassed the previous record set in 2023, exceeding an annual average of 4.1 million barrels per day (b/d). Despite this new record, crude oil export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022. Crude oil production … [continued]
We forecast benchmark Brent crude oil prices will fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026, as strong global growth in production of petroleum and other liquids and slower demand growth put downward pressure on prices and help offset heightened geopolitical risks and … [continued]
In our January 2024 Short-Term Energy Outlook, which includes data and forecasts through December 2026, we forecast five key energy trends that we expect will help shape markets over the next two years. Electricity consumption will start growing, driven by new demand sources After almost two decades of relatively little … [continued]
