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Short-Term Energy Outlook

Release Date: Nov. 8, 2022  |  Forecast Completed: Nov. 3, 2022  |  Next Release Date: Dec. 6, 2022  |  Full Report    |   Text Only   |   All Tables   |   All Figures

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U.S. Liquid Fuels

  • U.S. crude oil production in our forecast averages 11.7 million b/d in 2022 and 12.4 million b/d in 2023, which would surpass the record high set in 2019.
  • U.S. retail gasoline prices in our forecast average $3.80 per gallon (gal) in 4Q22 and $3.57/gal in 2023. Retail diesel prices average $4.86/gal in 4Q22 and $4.29/gal in 2023.
  • We expect U.S. gasoline consumption in 2022 to average 8.8 million b/d, down 40,000 b/d from 2021, and we expect it to stay near that level in 2023, with rising fuel efficiency offsetting price- and economy-driven increases in transportation demand.

U.S. liquid fuels product supplied growth

U.S. Hydrocarbon gas liquids product supplied growth

U.S. crude oil production

U.S. gasoline and crude oil prices

U.S. diesel fuel and crude oil prices

U.S. net imports of crude oil and liquid fuels

Petroleum Products
  2020202120222023
WTI spot average
(dollars per barrel) 		39.1768.2195.8889.33
U.S. crude oil production
(million barrels per day) 		11.3211.2511.8312.31
U.S. liquid fuels consumption
(million barrels per day) 		18.1919.8920.3820.48
U.S. crude oil & petroleum product net imports
(million barrels per day) 		-0.63-0.06-1.17-0.81
Retail gasoline price
(dollars per gallon) 		2.183.024.023.61
Retail diesel fuel price
(dollars per gallon) 		2.563.295.094.65

Interactive Data Viewers

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Related Tables
Table WF01. Average Consumer Prices and Expenditures for Heating Fuels During the Winter PDF
Table 1. U.S. Energy Markets Summary PDF
Table 2. Energy Prices PDF
Table 4a. U.S. Petroleum and Other Liquids Supply, Consumption, and Inventories PDF
Table 4b. U.S. Hydrocarbon Gas Liquids (HGL) and Petroleum Refinery Balances PDF
Table 4c. U.S. Regional Motor Gasoline Prices and Inventories PDF
Table 9a. U.S. Macroeconomic Indicators and CO2 Emissions PDF
Table 9b. U.S. Regional Macroeconomic Data PDF
Table 9c. U.S. Regional Weather Data PDF
Related Figures
U.S. gasoline and crude oil prices XLSX PNG
U.S. diesel fuel and crude oil prices XLSX PNG
U.S. liquid fuels production growth XLSX PNG
U.S. natural gas plant liquids production XLSX PNG
U.S. liquid fuels product supplied growth XLSX PNG
U.S. hydrocarbon gas liquids consumption XLSX PNG
U.S. commercial crude oil inventories XLSX PNG
U.S. gasoline and distillate inventories XLSX PNG
U.S. commercial propane inventories XLSX PNG
U.S. net imports of crude oil and liquid fuels XLSX PNG
U.S. net trade of hydrocarbon gas liquids XLSX PNG

About the Short-Term Energy Outlook

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