U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Annual Energy Outlook 2015
Energy production, imports, and exports
Net U.S. imports of energy declined from 30% of total energy consumption in 2005 to 13% in 2013, as a result of strong growth in domestic oil and dry natural gas production from tight formations and slow growth of total energy consumption. The decline in net energy imports is projected to continue at a slower rate in the AEO2015 Reference case, with energy imports and exports coming into balance around 2028 (although liquid fuel imports continue, at a reduced level, throughout the Reference case) (Figure 20). From 2035 to 2040, energy exports account for about 23% of total annual U.S. energy production in the Reference case. Economic growth has a major influence on U.S. energy consumption, imports, and exports. In the High Economic Growth case, the United States remains a net energy importer through 2040, with net imports equal to about 3% of consumption in 2040. In the Low Economic Growth case, the United States becomes a net exporter of energy in 2022, with energy exports equal to 4% of total domestic energy production in 2040.
Changes in the world oil price affect both consumption and production, but in opposite directions from the effects of changes in U.S. economic growth. Higher world oil prices place downward pressure on consumption while making domestic production more profitable. In the Low Oil Price case, with lower domestic production and higher U.S. energy consumption, the United States remains a net energy importer, with imports increasing every year from 2033 to 2040 and net imports equal to 9% of total domestic energy consumption in 2040. In the High Oil Price case, with stronger growth in production and more incentives for energy efficiency, the United States becomes and remains a net energy exporter starting in 2019, and net exports increase to 9% of total energy production in 2040 after peaking at 11% in 2032. In the High Oil and Gas Resource case, with faster growth in domestic natural gas and crude oil production, U.S. net energy exports, mostly in the form of petroleum and natural gas, grow to almost 19% of total domestic energy production in 2040.
Production from tight formations leads the growth in U.S. crude oil production across all AEO2015 cases. The path of projected crude oil production varies significantly across the cases, with total U.S. crude oil production reaching high points of 10.6 million barrels per day (bbl/d) in the Reference case (in 2020), 13.0 million bbl/d in the High Oil Price case (in 2026), 16.6 million bbl/d in the High Oil and Gas Resource case (in 2039), and 10.0 million bbl/d in the Low Oil Price case (in 2020).
In the Reference case, the existing U.S. competitive advantage in oil refining compared to the rest of the world continues over the projection period. This advantage results in growing gasoline and diesel exports through 2040 in the Reference case. The production of motor gasoline blending components, which totaled 7.9 million bbl/d in 2013, begins declining in 2015 and falls to 7.2 million bbl/d by the end of the projection period, while diesel fuel production rises from 4.2 million bbl/d in 2013 to 5.3 million bbl/d in 2040. As a result of declining consumption of liquid fuels and increasing production of domestic crude oil, net imports of crude oil and petroleum products fall from 6.2 million bbl/d in 2013 (33% of total domestic consumption) to 3.3 million bbl/d in 2040 (17% of domestic consumption) in the Reference case. Growth in gross exports of refined petroleum products, particularly of motor gasoline and diesel fuel, results in a significant increase in net petroleum product exports between 2013 and 2040.
In both the High Oil and Gas Resource and High Oil Price cases, total U.S. crude oil production is higher than in the Reference case mainly as a result of growth in tight oil production, which rises at a substantially faster rate in the near term in both cases than in the Reference case. In the High Oil and Gas Resource case, tight oil production grows in response to assumed higher estimated ultimate recovery (EUR) and technology improvements, closer well spacing, and development of new tight oil formations or additional layers within known tight oil formations. Total crude oil production reaches 16.6 million bbl/d in 2037 in the High Oil and Gas Resource case. In the High Oil Price case, higher oil prices improve the economics of production from new wells in tight formations as well as from other domestic production sources, leading to a more rapid increase in production volumes than in the Reference case. Tight oil production increases through 2022, when it totals 7.4 million bbl/d. After 2022, tight oil production declines, as drilling moves into less productive areas. Total U.S. crude oil production reaches 13.0 million bbl/d by 2025 in the High Oil Price case before declining to 9.9 million bbl/d in 2040 (Figure 21 and Figure 22).
Recent declines in West Texas Intermediate oil prices (falling by 59% from June 2014 to January 2015) have triggered interest in the effect of lower prices on U.S. oil production. In the Low Oil Price case, domestic crude oil production is 9.8 million bbl/d in 2022, 0.7 million bbl/d lower than the 10.4 million bbl/d in the Reference case. In 2040, U.S. crude oil production is 7.1 million bbl/d, 2.3 million bbl/d lower than the 9.4 million bbl/d in the Reference case. Most of the difference in total crude oil production levels between the Reference and Low Oil Price cases reflects changes in production from tight oil formations. However, all sources of U.S. oil production are adversely affected by low oil prices. As crude oil prices fall and remain at or below $76/ barrel (Brent) in the Low Oil Price case after 2014, poor investment returns lead to fewer wells being drilled in noncore areas of formations, which have smaller estimated ultimate recoveries (EURs) than wells drilled in core areas. As a result, they have a more limited impact on total production growth in the near term.
In both the High Oil and Gas Resource and High Oil Price cases, growing production of 27°–35° American Petroleum Institute (API) medium sour crude oil from the offshore Gulf of Mexico (GOM) helps balance the crude slate when combined with the increasing production of light, sweet crude from tight oil formations. In all cases, GOM crude oil production increases through 2019, as offshore deepwater projects have relatively long development cycles that have already begun. GOM production declines through at least 2025 in all cases and fluctuates thereafter as a result of the timing of large, discrete discoveries that are brought into production. Overall GOM production through 2040 is highest in the High Oil and Gas Resource case, followed closely by the High Oil Price case and finally by the Reference case and Low Oil Price case.
In the High Oil Price case, producers take greater advantage of CO2-enhanced oil recovery (CO2-EOR) technologies. CO2-EOR production increases at a steady pace over the projection period in the Reference case and increases more dramatically in the High Oil Price case, where higher prices make additional CO2-EOR projects economically viable. In the High Oil and Gas Resource and Low Oil Price cases, with lower crude oil prices, fewer CO2-EOR projects are economical than in the Reference case.
Production of natural gas plant liquids (NGPL), including ethane, propane, butane, isobutane, and natural gasoline, increases from 2013 to 2023 in all the AEO2015 cases. After 2023, only the High Oil and Gas Resource case shows increasing NGPL production through the entire projection period. However, the High Oil Price case also shows significant NGPL production growth through 2026. Most of the early growth in NGPL production is associated with the continued development of liquids-rich areas in the Marcellus, Utica, and Eagle Ford formations.
Production of petroleum products at U.S. refineries depends largely on the cost of crude oil, domestic demand, and the absorption of petroleum product exports in foreign markets. U.S. refinery production of gasoline blending components declines in the Reference and Low Oil Price cases but increases in the High Oil Price and High Oil and Gas Resource cases. The steepest decline in production of motor gasoline blending components is projected in the Reference case, with production of blending components declining from 7.9 million bbl/d in 2013 to 7.2 million bbl/d in 2040, in response to a drop in U.S. crude oil production, higher crude oil prices, and lower demand. In the High Oil and Gas Resource case, production of blending components increases to 9.1 million bbl/d in 2040, because abundant domestic supply of lighter crude oil results in lower feedstock costs for refiners, lower gasoline prices, increased exports, and relatively higher levels of gasoline consumption (including exports) and production.
Diesel fuel output from U.S. refineries rises in the High Oil and Gas Resource case from 4.2 million bbl/d in 2013 to 6.6 million bbl/d in 2037, as a result of lower costs for refinery feedstocks. In the Low Oil Price case, lower domestic diesel fuel prices result in higher levels of domestic consumption, leading to a 4.7 million bbl/d increase in diesel fuel production in 2040. In the High Oil Price case, higher oil prices (which are assumed to occur worldwide) make diesel fuel from U.S. refineries more competitive. Total U.S. diesel fuel output increases to 6.1 million bbl/d in 2040. In the Reference case, U.S. diesel fuel output increases to 5.3 million bbl/d in 2040.
As in the Reference case, the United States remains a net importer of liquid fuels through 2040 in the Low Oil Price case. In the High Oil and Gas Resource case, as a result of higher levels of both domestic crude oil production and petroleum product exports, the United States becomes a net exporter of liquid fuels by 2021. Refiners and oil producers gain a competitive advantage from abundant domestic supply of light crude oil and higher GOM production of lower API crude oil streams, along with lower refinery fuel costs as a result of abundant domestic natural gas supply. In the High Oil Price case, the United States becomes a net exporter of liquid fuels in 2020, as higher oil prices reduce U.S. consumption of petroleum products and spur additional U.S. crude oil production. U.S. net crude oil imports—which fall to 5.5 million bbl/d in 2022 as domestic crude oil production grows—rise to 8.9 million bbl/d in 2040 as domestic production flattens and begins to decline.
By 2040, the level of net liquid fuels exports is significantly larger in the High Oil and Gas Resource case than in the High Oil Price case. In the High Oil Price case, higher world crude oil prices make overseas refineries less competitive compared to U.S. refineries. As a result, net U.S. exports of petroleum products increase by more in the High Oil Price case than in the High Oil and Gas Resource case. However, the availability of more domestic crude oil resources in the High Oil and Gas Resource case results in a significantly greater drop in net crude oil imports and a larger overall swing in liquid fuels trade than in any of the other AEO2015 cases (Figure 23 and Figure 24).
In the High Oil and Gas Resource case, the United States swings from net liquid fuels imports equal to 33% of total domestic product supplied in 2013 to net liquid fuels exports equal to 29% of total domestic product supplied in 2040 (compared with net exports equal to 3% of total domestic product supplied in 2040 in the High Oil Price case). In the Reference case, net imports fall to 14% of total domestic product supplied in 2020, before rising to nearly 18% of product supplied in 2033 and remaining around that level through 2040. Net imports of liquid fuels fall to 19% of total product supplied in 2020 in the Low Oil Price case before rising to 36% of total product supplied in 2040.
Cheaper light crude oil production from inland basins and increased production of heavier GOM crude oil leads to a 35% decline in gross crude oil imports in the High Oil and Gas Resource case—from 7.7 million bbl/d in 2013 to 5.0 million bbl/d in 2040. This compares with a 6% increase in the Reference case (to 8.2 million bbl/d in 2040) and a 12% increase in the Low Oil Price case (to 8.7 million bbl/d in 2040).
Net petroleum product exports increase as U.S. refineries become more competitive in all cases except for the Low Oil Price case. Net petroleum product exports increase most in the High Oil Price and High Oil and Gas Resource cases (from 1.4 million bbl/d in 2013 to 9.5 million bbl/d and 9.9 million bbl/d, respectively, in 2040). In the Reference case, net petroleum product exports increase to 4.3 million bbl/d in 2040, and in the Low Oil Price case they increase to 2.2 million bbl/d in 2020 and then decline to 0.7 million bbl/d in 2040.
In the High Oil and Gas Resource case, gross crude oil exports allowed under current laws and regulations, including exports to Canada and exports of processed condensate, rise significantly in response to increased production. It is assumed that condensate which has been processed through a distillation tower can be exported in accordance with a clarification from the U.S. Department of Commerce, Bureau of Industry and Security. Gross crude exports increase from 0.1 million bbl/d in 2013 to a high of 1.3 million bbl/d in 2027 in the High Oil and Gas Resource case, before declining to 0.9 million bbl/d in 2040—compared with 0.6 million bbl/d in 2040 in the Reference, High Oil Price, and Low Oil Price cases. With U.S. refinery access to increased amounts of low-cost domestic crude supplies, gross petroleum product exports increase from 3.4 million bbl/d in 2013 to 12.0 million bbl/d in the High Oil and Gas Resource case and to 11.5 million bbl/d in 2040 in the High Oil Price case, compared with 6.4 million bbl/d in the Reference case and 3.5 million bbl/d in the Low Oil Price case.
Total dry natural gas production in the United States increased by 35% from 2005 to 2013, with the natural gas share of total U.S. energy consumption rising from 23% to 28%. Production growth resulted largely from the development of shale gas resources in the Lower 48 states (including natural gas from tight oil formations), which more than offset declines in other Lower 48 onshore production. In the AEO2015 Reference case, more than half of the total increase in shale gas production over the projection period comes from the Haynesville and Marcellus formations. Lower 48 shale gas production (including natural gas from tight oil formations) increases by 73% in the Reference case, from 11.3 Tcf in 2013 to 19.6 Tcf in 2040, leading to a 45% increase in total U.S. dry natural gas production, from 24.4 Tcf in 2013 to 35.5 Tcf in 2040. Growth in tight gas, federal offshore, and onshore Alaska production also contributes to overall production growth over the projection period (Figure 25 and Figure 26).
Future dry natural gas production depends primarily on the size and cost of tight and shale gas resources, technology improvements, domestic natural gas demand, and the relative price of oil. Projections in the High Oil and Gas Resource case assume closer well spacing; higher EURs per shale gas well, tight gas well, and tight oil well; development of new tight oil formations either from new discoveries or additional layers within known tight oil formations; and additional long-term technology improvements that further increase the EUR per tight gas and shale gas well over the projection period above those in the Reference case. Even with lower prices, total U.S. dry natural gas production increases in the High Oil and Gas Resource case to 50.6 Tcf in 2040, 43% above the Reference case level, with Lower 48 shale gas production of 34.6 Tcf in 2040, or 77% above the Reference case level.
The High and Low Oil Price cases use the same natural gas resource assumptions as the Reference case, but production levels vary in response to natural gas demand, primarily from the transportation sector and global demand for U.S.-origin LNG. In the High Oil Price case, increased demand for natural gas as a fuel for motor vehicles, as LNG for export, and as plant fuel for natural gas liquefaction facilities accounts for the increase in total domestic dry natural gas production to 41.1 Tcf in 2040 (16% above the Reference case). U.S. shale gas production in the High Oil Price case totals 23.6 Tcf in 2040, 21% above the Reference case total. In the Low Oil Price case, with lower demand for natural gas and LNG exports, U.S. dry natural gas production totals 31.9 Tcf in 2040 (10% below the Reference case total), and U.S. shale gas production totals 18.1 Tcf in 2040 (8% below the Reference case).
Tight gas accounts for a smaller, but still significant, portion of the increase in U.S. dry natural gas production compared to shale gas. Tight gas production responds largely to crude oil prices and the same levels of technological progress experienced with shale gas production. Tight gas production increases from 4.4 Tcf in 2013 to 7.0 Tcf in 2040 in the Reference case, compared with 8.1 Tcf in 2040 in the High Oil and Gas Resource case, 8.4 Tcf in the High Oil Price case, and 6.6 Tcf in the Low Oil Price case. Most of the tight gas production growth occurs in the Gulf Coast and Dakotas/Rocky Mountains regions. Tight gas production in the Midcontinent region—which declines in the Reference case—increases by 24% from 2013 to 2040 in the High Oil and Gas Resource case.
Undiscovered crude oil and natural gas resources in the federal offshore and Alaska regions are assumed to be 50% higher in the High Oil and Gas Resource case than in the Reference case. Lower 48 offshore natural gas production increases from 1.5 Tcf in 2013 to 3.0 Tcf in 2040 in the High Oil and Gas Resource case, and to 2.8 Tcf in 2040 in both the High Oil Price and Reference cases. Cumulative federal offshore natural gas production is highest in the High Oil Price case, with federal offshore natural gas production increasing more than in any of the other AEO2015 cases through 2036, before declining. Alaska dry natural gas production begins increasing in 2026 in the High Oil Price case, and in 2027 in the Reference case. Alaska dry natural gas production reaches 1.2 Tcf in 2029 and remains at that level through 2040 in the High Oil Price case. Alaskan production reaches 1.1 Tcf in 2040 in the Reference case, following the projected completion of a new LNG export facility in Alaska. In the Low Oil Price and High Oil and Gas Resource cases, lower international natural gas prices make LNG exports from Alaska uneconomical, and Alaska dry natural gas production falls through 2040 as declines in oil production result in decreased use of natural gas for drilling operations.
Imports and exports
In all the AEO2015 cases, net natural gas imports continue to decline through 2040, as they have since 2007. Gross exports of natural gas increase over the period, and gross imports decline. The rate of decline in net imports varies across the cases— depending on assumptions about changes in world oil prices and U.S. natural gas resources—and slows in the later years of the projections (Figure 27). In all the cases, the United States becomes a net exporter of natural gas in 2017, driven by LNG exports (Figure 28), increased pipeline exports to Mexico, and reduced imports from Canada.
In the Reference case, net exports of natural gas from the United States total 5.6 Tcf in 2040. Most of the growth in U.S. net natural gas exports occurs before 2030, when gross liquefied natural gas (LNG) exports reach their highest level of 3.4 Tcf, where they remain through 2040. In all the cases, the United States remains a net pipeline importer of natural gas from Canada through 2040, but at lower levels than in recent history, while net pipeline exports of natural gas to Mexico grow from 0.7 Tcf in 2013 to 3.0 Tcf in 2040 in the Reference case.
The price of LNG supplied to international markets, which in part reflects world oil prices, is significantly higher than the price of U.S. domestic natural gas supply, particularly in the near term. The growth in U.S. LNG exports is driven by this price difference, which also discourages U.S. LNG imports. LNG export growth after 2020 is highest in the High Oil and Gas Resource case, where higher production capability lowers the price of U.S. natural gas supply to the world market, leading to net LNG exports of 10.3 Tcf in 2040 (212% more than in the Reference case) and total net natural gas exports of 13.1 Tcf in 2040 (133% more than in the Reference case).
Most of the variations in projected net exports of U.S. natural gas among the AEO2015 cases result from differences in levels of LNG exports. In the High Oil Price and Low Oil Price cases, projected LNG exports vary in response to differences between international and domestic natural gas prices, after accounting for the costs associated with processing and transporting the gas. Over the projection, the relationship between international LNG prices and world oil prices is assumed to weaken, particularly as U.S. LNG exports increase. Low world oil prices limit the competitiveness of domestic natural gas relative to oil itself and also to LNG volumes sold through contracts linked to oil prices, which are less likely to be renegotiated in a low oil price environment.
In the High Oil Price case, U.S. LNG exports total 8.1 Tcf in 2040, or 142% more than in the Reference case. As a result, U.S. net natural gas exports total 9.1 Tcf in 2040 in the High Oil Price case, or 63% more than in the Reference case. In the Low World Oil Price case, LNG net exports never surpass 0.8 Tcf, and U.S. net exports of natural gas total 3.0 Tcf in 2040, or 46% below the Reference case level.
Canada, which accounted for 97% of total U.S. pipeline imports of natural gas in 2013, continues as the source of nearly all U.S. pipeline imports through 2040. Most natural gas imported into the United States comes from western Canada and is delivered mainly to the West Coast and the Midwest.
In the AEO2015 alternative cases, gross pipeline imports from Canada generally are higher than in the Reference case when prices in the United States are higher, and vice versa. However, gross pipeline imports from Canada in 2040 are highest in the High Oil and Gas Resource case, with growth after 2030 resulting from an assumed increase in Canada’s shale and coalbed resources. Gross exports of U.S. natural gas to Canada, largely into the eastern provinces, generally increase when prices are low in the United States, and vice versa.
U.S. pipeline exports of natural gas—most flowing south to Mexico—have grown substantially since 2010 and are projected to continue increasing in all the AEO2015 cases because increases in Mexico’s production are not expected to keep pace with the country’s growing demand for natural gas, primarily for electric power generation. In the High Oil and Gas Resource case, with the lowest projected U.S. natural gas prices, pipeline exports to Mexico in 2040 total 4.7 Tcf, as compared with 3.3 Tcf in the Low Oil Price case and 2.2 Tcf by 2040 in the High Oil Price case.
Between 2008 and 2013, U.S. coal production fell by 187 million short tons (16%), as declining natural gas prices made coal less competitive as a fuel for generating electricity (Figure 29). In the AEO2015 Reference case, U.S. coal production increases at an average rate of 0.7%/year from 2013 to 2030, from 985 million short tons (19.9 quadrillion Btu) to 1,118 million short tons (22.4 quadrillion Btu). Over the same period, rising natural gas prices, particularly after 2017, contribute to increases in electricity generation from existing coal-fired power plants as coal prices increase more slowly. After 2030, coal consumption for electricity generation levels off through 2040. The cases presented in AEO2015 do not include EPA’s proposed Clean Power Plan, which would have a material impact on projected levels of coal-fired generation. A separate EIA analysis of the Clean Power Plan is forthcoming.
Compliance with the Mercury and Air Toxics Standards (MATS), coupled with low natural gas prices and competition from renewables, leads to the projected retirement of 31 gigawatts (GW) of coal-fired generating capacity and the conversion of 4 GW of coal-fired generating capacity to natural gas between 2014 and 2016. However, coal consumption in the U.S. electric power sector is supported by an increase in output from the remaining coal-fired power plants, with the projected capacity factor for the U.S. coal fleet increasing from 60% in 2013 to 67% in 2016. In the absence of any significant additions of coal-fired electricity generating capacity, coal production after 2030 levels off as many existing coal-fired generating units reach maximum capacity factors and coal exports grow slowly. Total U.S. coal production in the AEO2015 Reference case remains below its 2008 level through 2040.
Across the AEO2015 alternative cases, the largest changes in U.S. coal production relative to the Reference case occur in the High Oil and Gas Resource and High Oil Price cases. In the High Oil and Gas Resource case, lower natural gas prices lead to a significant shift away from the use of coal in the electric power sector, resulting in coal production levels that are 13% lower in 2020 and 11% lower in 2040 than in the Reference case. In the High Oil Price case, higher oil prices spur investments in coal-based synthetic fuels, which result in increasing demand for domestically produced coal, primarily from mines in the Western supply region. In the High Oil Price case, coal consumption at coal-to-liquids (CTL) plants rises from 11 million short tons in 2025 to 181 million short tons in 2040, and total coal production in 2040 is 13% higher than in the Reference case.
In the other AEO2015 cases, variations in the quantities of coal produced relative to the Reference case are more modest, ranging from 4% (49 million short tons) lower in the Low Economic Growth case to 4% (40 million short tons) higher in the High Economic Growth case in 2040. Factors that limit the variation in U.S. coal production across cases include the high capital costs associated with building new coal-fired generating capacity, which limit potential growth in coal use; the relatively low operating costs of existing coal-fired units, which tend to limit the decline in coal use; and limited potential to increase coal use at existing generating units, which already are at maximum utilization rates in some regions.
Changes in assumptions about the rate of economic growth also affect the outlook for coal demand in the U.S. industrial sector (coke and other industrial plants) and, consequently, coal production. In the Low Economic Growth case, lower levels of industrial coal consumption in 2040 account for 17% of the reduction in total coal consumption relative to the Reference case. In the High Economic Growth case, higher levels of coal consumption in the industrial sector in 2040 account for 44% of the increase in total coal consumption relative to the Reference case.
Regionally, strong production growth in the Interior region contrasts with declining production in the Appalachian region in the AEO2015 Reference case. In the Interior region, coal production becomes increasingly competitive as a result of a combination of improving labor productivity and the installation of scrubbers at existing coal-fired power plants, which allows those plants to burn the region’s higher-sulfur coals at a lower delivered cost compared with coal from other regions. Appalachian coal production declines in the Reference case, as coal produced from the extensively mined, higher-cost reserves of Central Appalachia is replaced by lower-cost coals from other regions. Western coal production in the Reference case increases from 2017 to 2024, in line with the increase in U.S. consumption, but falls slightly thereafter as a result of competition from producers in the Interior region and limited growth in coal use at existing coal-fired power plants after 2025.
U.S. coal exports decline from 118 million short tons in 2013 to 97 million short tons in 2014 and to 82 million short tons in 2015 in the AEO2015 Reference case, then increase gradually to 141 million short tons in 2040 (Figure 30). Much of the growth in exports after 2015 is attributable to increased exports of steam coal from mines in the Interior and Western regions. Between 2015 and 2040, U.S. steam coal exports increase by 42 million short tons, and coking coal exports increase by 17 million short tons.
Across the AEO2015 alternative cases, U.S. coal exports in 2040 vary from a low of 132 million short tons in the High Oil Price case (6% lower than in the Reference case) to a high of 158 million short tons in the High Oil and Gas Resource case (12% higher than in the Reference case). Coal exports are also higher in the Low Oil Price case than in the Reference case, increasing to 149 million short tons in 2040. In the Low and High Oil Price cases, variations in the prices of diesel fuel and electricity, which are two important inputs to coal mining and transportation, are key factors affecting U.S. coal exports. The projections of lower and higher fuel prices for coal mining and transportation affect the relative competiveness of U.S. coal in international coal markets. In the High Oil and Gas Resource case, the combination of lower prices for diesel fuel and electricity and lower domestic demand for coal contribute to higher export projections relative to the Reference case.
- West Texas Intermediate is a crude stream produced in Texas and southern Oklahoma that serves as a reference, or marker, for pricing a number of other crude streams and is traded in the domestic spot market at Cushing, Oklahoma.
- U.S. Department of Commerce, Bureau of Industry and Security, “FAQs–Crude Oil and Petroleum Products December 30, 2014” (see question no. 3, “Is lease condensate considered crude oil?”) (Washington, DC: December 30, 2014), http://www.bis.doc.gov/index.php/policy-guidance/faqs.
- U.S. Environmental Protection Agency, “Mercury and Air Toxics Standards,” http://www.epa.gov/mats (Washington, DC: March 27, 2012).