U.S. Energy Information Administration logo
Skip to sub-navigation
‹ Analysis & Projections

Short-Term Energy Outlook

Release Date: October 6, 2020  |  Next Release Date: November 10, 2020  |  Full Report    |   Text Only   |   All Tables   |   All Figures

U.S. Liquid Fuels

  • The October Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes in energy demand and supply patterns in 2020 and will continue to affect these patterns in the future. This STEO assumes U.S. gross domestic product (GDP) declined by 4.4% in the first half of 2020 from the same period a year ago. It assumes that GDP will rise beginning in the third quarter of 2020, and will grow 3.5% year-over-year in 2021. The U.S. macroeconomic assumptions in this outlook are based on forecasts by IHS Markit.
  • EIA reported that U.S. crude oil production averaged 11.0 million b/d in July (the most recent month for which historical data are available), up 0.5 million b/d from June. In May, U.S. crude oil production reached a two-and-a-half-year low of 10.0 million b/d, resulting from curtailed production amid low oil prices. Since then, U.S. production has increased mainly because tight oil operators have brought wells back online in response to rising prices. EIA estimates that production rose to 11.2 million b/d in September. However, EIA expects U.S. crude oil production to generally decline to average of 11.0 million b/d in the second quarter of 2021 because new drilling activity will not generate enough production to offset declines from existing wells. EIA expects drilling activity to rise later in 2021, contributing to U.S. crude oil production returning to 11.2 million b/d in the fourth quarter of 2021. On an annual average basis, EIA expects U.S. crude oil production to fall from 12.2 million b/d in 2019 to 11.5 million b/d in 2020 and 11.1 million b/d in 2021.

U.S. liquid fuels product supplied growth

U.S. Hydrocarbon gas liquids product supplied growth

U.S. crude oil production

U.S. liquid fuels production growth

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

U.S. Petroleum and Other Liquids
Crude Oil prices (dollars per barrel)
WTI Spot Average 65.0756.9938.7644.72
Brent Spot Average 71.2164.3441.1947.07
Imported Average 61.3457.9536.8642.07
Refiner Average Acquisition Cost 64.4859.3640.2243.14
Retail prices including taxes (dollars per gallon)
Regular Gasoline 2.732.602.152.23
Diesel Fuel
Heating Oil
Production (million barrels per day)
Crude Oil 10.9612.2511.4511.09
Natural Gas Plant Liquids 4.374.825.045.21
Fuel Ethanol
Biodiesel 0.1210.1120.1130.134
Consumption (million barrels per day)
Motor Gasoline 9.339.318.228.97
Distillate Fuel Oil
Hydrocarbon Gas Liquids
Jet Fuel 1.711.741.081.54
Total Consumption 20.5120.5418.2319.97
Primary Assumptions (percent change from previous year)
U.S. Real GDP Growth 3.02.2-4.13.5
Heating Degree Days 11.80.6-6.82.9
Distillate-weighted Industrial Production 2.5-0.2-6.22.4

Interactive Data Viewers

Provides custom data views of historical and forecast data

STEO Data browser ›
Real Prices Viewer ›

Related Figures
West Texas Intermediate (WTI) crude oil price XLSX PNG
U.S. gasoline and crude oil prices XLSX PNG
U.S. diesel fuel and crude oil prices XLSX PNG
U.S. crude oil production XLSX PNG
U.S. commercial crude oil stocks XLSX PNG
U.S. liquid fuels production growth XLSX PNG
U.S. liquid fuels product supplied growth XLSX PNG
U.S. gasoline and distillate inventories XLSX PNG
U.S. net trade of crude oil and liquid fuels XLSX PNG
U.S. natural gas plant liquids production XLSX PNG
U.S. hydrocarbon gas liquids consumption XLSX PNG
U.S. net trade of hydrocarbon gas liquids XLSX PNG
U.S. commercial propane inventories XLSX PNG
U.S. carbon dioxide emissions growth XLSX PNG
U.S. winter heating degree days XLSX PNG
U.S. census regions and census divisions XLSX PNG
Related Articles    
Today In Energy Daily
This Week in Petroleum Weekly
2020-2021 Winter Fuels Outlook Oct-2020 PDF
Energy-weighted industrial production indices Mar-2014 PDF
Key drivers for EIA's short-term U.S. crude oil production outlook Feb-2013 PDF
Change in STEO Regional and U.S. Degree Day Calculations Sep-2012 PDF
2012 Outlook for Hurricane-Related Production Outages in the Gulf of Mexico Jun-2012 PDF
STEO Notice: Suspension of Regional Residential Heating Oil and Propane Price Forecast Jun-2011 PDF
Probabilities of Possible Future Prices Apr-2010 PDF
Energy Price Volatility and Forecast Uncertainty Oct-2009 PDF