‹ Analysis & Projections
Short-Term Energy Outlook
Release Date: August 8, 2017 | Next Release Date: Septemeber 12, 2017 | Full Report | Text Only | All Tables | All Figures
U.S. Liquid Fuels
- U.S. regular gasoline retail prices averaged $2.30 per gallon (gal) in July, down 5 cents/gal from the average in June but 6 cents/gal higher than in July 2016. During the April-through-September summer driving season of 2017, U.S. regular gasoline retail prices are forecast to average $2.37/gal, 14 cents/gal higher than last summer. Annual average U.S. regular gasoline retail prices are forecast to be $2.33/gal in both 2017 and 2018.
- U.S. crude oil production averaged an estimated 8.9 million barrels per day (b/d) in 2016 and is forecast to average 9.3 million b/d in 2017. EIA forecasts crude oil production to average 9.9 million b/d in 2018, which would mark the highest annual average production in U.S. history, surpassing the previous record of 9.6 million b/d set in 1970.
| U.S. Petroleum and Other Liquids | ||||
|---|---|---|---|---|
| 2015 | 2016 | 2017 projected | 2018 projected | |
| Crude Oil prices | (dollars per barrel) | |||
| WTI Spot Average | 48.67 | 43.33 | 48.88 | 49.58 |
| Brent Spot Average | 52.32 | 43.74 | 50.71 | 51.58 |
| Imported Average | 46.34 | 38.69 | 45.51 | 46.03 |
| Refiner Average Acquisition Cost | 48.40 | 40.69 | 47.72 | 48.59 |
| Retail prices including taxes | (dollars per gallon) | |||
| Regular Gasoline | 2.43 | 2.15 | 2.33 | 2.33 |
| Diesel Fuel | 2.71 | 2.31 | 2.59 | 2.72 |
| Heating Oil | 2.65 | 2.10 | 2.48 | 2.59 |
| Production | (million barrels per day) | |||
| Crude Oil | 9.41 | 8.85 | 9.35 | 9.91 |
| Natural Gas Plant Liquids | 3.34 | 3.48 | 3.79 | 4.25 |
| Fuel Ethanol | 0.97 | 1.00 | 1.02 | 1.01 |
| Biodiesel | 0.082 | 0.101 | 0.105 | 0.109 |
| Consumption | (million barrels per day) | |||
| Motor Gasoline | 9.18 | 9.33 | 9.33 | 9.36 |
| Distillate Fuel Oil | 4.00 | 3.88 | 3.98 | 4.06 |
| Jet Fuel | 1.55 | 1.61 | 1.65 | 1.63 |
| Total Consumption | 19.53 | 19.63 | 19.97 | 20.30 |
| Primary Assumptions | (percent change from previous year) | |||
| U.S. Real GDP Growth | 2.6 | 1.6 | 2.3 | 2.6 |
| Heating Degree Days | -10.2 | -5.1 | 0.1 | 8.2 |
| Distillate-weighted Industrial Production | -0.2 | 1.7 | 3.4 | 2.4 |
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