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Jan 26, 2022

Proved reserves of natural gas fell 4% in the United States during 2020

U.S. natural gas proved reserves

Because of lower natural gas prices in the first year of the COVID-19 pandemic, U.S. operators reported that proved natural gas reserves in 2020 declined by 4% to 473.3 trillion cubic feet (Tcf), according to our Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2020 report.

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Jan 25, 2022

Stand-alone natural gas wells driving new growth in Saudi Arabia’s natural gas production

annual average dry natural gas production in Saudi Arabia
Source: Graph created by the U.S. Energy Information Administration, based on data from International Energy Statistics and Rystad

Saudi Arabia’s dry natural gas production reached an average of 11 billion cubic feet per day (Bcf/d) for the first time in 2020, a 30% increase from 2010. Oil production cuts related to the December 2016 OPEC+ agreement have reduced Saudi Arabia’s associated natural gas production (natural gas produced as a by-product of oil production). However, the country’s total natural gas output has steadily grown over the past two decades because of the development of non-associated, or stand-alone, natural gas fields.

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Jan 24, 2022

CO2 emissions allowance prices increased in latest RGGI auction

Regional Greenhouse Gas Initiative allowance clearing price
Source: Graph by the U.S. Energy Information Administration, based on Regional Greenhouse Gas Initiative

The most recent Regional Greenhouse Gas Initiative (RGGI) quarterly auction (held on December 1, 2021) resulted in a clearing price of $13.00 per allowance, surpassing the previous auction’s record price of $9.30 per allowance. Each allowance represents a limited authorization for power plants to emit one short ton of CO2.

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Jan 21, 2022

EIA expects U.S. fossil fuel production to reach new highs in 2023

U.S. total fossil fuel production and annual change
Source: U.S. Energy Information Administration, Monthly Energy Review and Short-Term Energy Outlook (STEO)

After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we expect U.S. fossil fuel production to continue rising in both 2022 and 2023, surpassing production in 2019, to reach a new record in 2023.

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Jan 20, 2022

EIA expects U.S. energy-related carbon dioxide emissions to increase in 2022 and 2023

U.S. energy-related carbon dioxide emissions
Source: U.S. Energy Information Administration, Short-Term Energy Outlook

In our latest Short-Term Energy Outlook, we forecast that U.S. energy-related carbon dioxide (CO2) emissions will increase in both 2022 and 2023 but remain below 2019 levels. In 2020, U.S. energy-related CO2 emissions decreased by 11% as energy use declined during the onset of the COVID-19 pandemic. As the U.S. economy began to return to pre-COVID activity, CO2 emissions increased by an estimated 6% in 2021. We expect increasing economic activity, along with other factors, will result in those emissions increasing by another 2% in 2022 and remaining virtually flat in 2023.

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Jan 19, 2022

In 2021, 14 petroleum liquids pipeline projects were completed in the United States

U.S. petroleum liquids pipeline projects
Source: U.S. Energy Information Administration, Liquids Pipeline Projects Database

In 2021, pipeline companies completed 14 petroleum liquids pipelines projects in the United States, according to our recently updated Liquids Pipeline Projects Database. This total includes seven crude oil pipeline projects and seven hydrocarbon gas liquids pipeline projects; no petroleum product pipeline projects were completed last year.

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Jan 18, 2022

New renewable power plants are reducing U.S. electricity generation from natural gas

annual U.S. electric power sector generation by energy source
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2022

In our January Short-Term Energy Outlook (STEO), we forecast that rising electricity generation from renewable energy resources such as solar and wind will reduce generation from fossil fuel-fired power plants over the next two years. The forecast share of generation for U.S. non-hydropower renewable sources, including solar and wind, grows from 13% in 2021 to 17% in 2023. We forecast that the share of generation from natural gas will fall from 37% in 2021 to 34% by 2023 and the coal share will decline from 23% to 22%.

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Jan 14, 2022

EIA forecasts natural gas prices to remain near $4/MMBtu in 2022, slightly lower in 2023

monthly Henry Hub natural gas spot price
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2022

In our January Short-Term Energy Outlook (STEO), we forecast that the natural gas spot price at the U.S. benchmark Henry Hub will average $3.79 per million British thermal units (MMBtu) in 2022, slightly less than its 2021 average of $3.91/MMBtu. Natural gas prices increased between March and early October 2021, but they declined in the last three months of the year. We expect natural gas prices to decline slightly in 2023, averaging $3.63/MMBtu, as growth in dry natural gas production outpaces growth in domestic demand and exports.

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Jan 13, 2022

EIA expects gasoline and diesel prices to fall in 2022 and 2023 as demand growth slows

monthly U.S. retail fuel prices
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2021

In our latest Short-Term Energy Outlook, we expect regular gasoline retail prices to average $3.06/gal in 2022, up from $3.00/gal in 2021, and then down to $2.80/gal in 2023. We expect on-highway diesel prices to increase to average $3.33/gal in 2022 before decreasing to $3.27/gal in 2023. In our forecast, annual average diesel demand reaches 2019 levels in the United States in 2022.

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Jan 12, 2022

EIA forecasts crude oil prices will fall in 2022 and 2023

quarterly Brent crude oil spot price
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2021

In our January 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will fall from 2021 levels. In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel (b). We forecast that the price of Brent will average $75/b in 2022 and $68/b in 2023.

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