U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Today in Energy
U.S. crude oil imports from Saudi Arabia and Iraq, two of the United States’ main sources for imported crude oil, have risen since reaching relatively low points in 2014 and 2015. On a combined basis, crude oil imports from these countries are the highest since late 2012. However, recent market developments, including the November 2016 agreement among certain members of the Organization of the Petroleum Exporting Countries (OPEC) to reduce production and the recent widening of price differences between Dubai/Oman crude oil and U.S.-produced Mars crude oil, suggest that U.S. imports from Saudi Arabia and Iraq are now becoming less attractive to U.S. refiners.
China is the global leader in methanol use and has recently expanded methanol production capacity. Since the early 2000s, China’s methanol consumption in fuel products has risen sharply and is estimated to have been more than 500,000 barrels per day (b/d) in 2016.
The United States is expected to become a net exporter of natural gas on an average annual basis by 2018, according to the recently released Annual Energy Outlook 2017 (AEO2017) Reference case. The transition to net exporter is driven by declining pipeline imports, growing pipeline exports, and increasing exports of liquefied natural gas (LNG). In most AEO2017 cases, the United States is also projected to become a net exporter of total energy in the 2020s in large part because of increasing natural gas exports.
U.S. crude oil production increased for the second consecutive month in November 2016, the first time this has occurred since early 2015. Increased drilling activity in the Permian region, which spans Texas and New Mexico, as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM), more than offset declining production from other regions in October and November 2016.
Lower crude oil prices in recent years have translated to lower fuel costs and overall lower operating expenses for U.S. passenger airlines. According to the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS), U.S. passenger airlines’ collective net profit increased to $25.6 billion in 2015, up from $7.5 billion in 2014. Much of that increase is attributed to lower expenditures for kerosene-based aviation fuels, which fell by $16.5 billion from 2014 to 2015. Jet fuel spot prices remained favorable for airlines in 2016, averaging $1.25 per gallon, compared to an average of $1.53 per gallon in 2015, well below the average of $2.92 per gallon over the 2011–14 period.
Note: 2016 values are preliminary.
U.S. production of uranium concentrate (U3O8) totaled 2.9 million pounds in 2016, 13% lower than the uranium produced in 2015 and the lowest annual U.S. production since 2005. U.S. uranium concentrate production in 2016 was less than 7% of the historical peak production level of 43.7 million pounds in 1980.
Note: OECD is the Organization for Economic Cooperation and Development.
Oil plays a crucial role in the global economy—from the production of goods to the transportation of people and freight. For this reason, economic activity and oil consumption tend to move together, particularly in developing economies. This relationship makes gross domestic product (GDP) an important driver of oil consumption.
The mix of fuels used to generate electricity in the United States has changed in response to differences in the expected cost of fuels and electricity-generating technology costs and their deployment. These factors, together with policies affecting emissions from power generation, will determine the generation fuel mix of the future.
Republished February 22, 2017, 5:30 p.m. to correct an error in the listed Permian Basin plays.
EIA’s recently released Annual Energy Outlook 2017 (AEO2017) Reference case projects that U.S. tight oil production will increase to more than 6 million barrels per day (b/d) in the coming decade, making up most of total U.S. oil production. After 2026, tight oil production remains relatively constant through 2040 in the Reference case as tight oil development moves into less productive areas and as well productivity decreases. Side cases with different resource and technology assumptions result in different tight oil and total U.S. oil production projections.
Despite its estimated 802 trillion cubic feet (Tcf) of unproved, technically recoverable shale gas resources, Argentina’s dry natural gas production declined each year from 2006 to 2014, and the country has shifted from a net exporter of natural gas to a net importer. In 2015, natural gas production increased for the first time since 2006, as ongoing efforts to increase production from key shale gas areas in Argentina aimed to reduce its imports of natural gas.