Wholesale electricity prices trended higher in 2021 due to increasing natural gas prices
Average wholesale prices for electricity at major trading hubs in the United States were higher in 2021 than in 2020 as increasing costs for power generation fuels, especially natural gas, pushed electricity prices higher in the second half of 2021. Constraints on electricity supply as a result of cold weather in the central United States also created price spikes in February 2021.
Tags: prices, electricity, natural gas, wholesale prices
U.S. natural gas prices spiked in February 2021, then generally increased through October
The wholesale spot price for natural gas at the Henry Hub in Louisiana (the U.S. benchmark for natural gas prices) averaged $3.89 per million British thermal units (MMBtu) in 2021, almost doubling from the 2020 average, according to data from Refinitiv.
Tags: prices, natural gas, spot prices, Henry Hub
Retail gasoline prices rose across the United States in 2021 as driving increased
Rising crude oil prices and increased gasoline demand contributed to the average U.S. retail price for regular grade gasoline increasing to $3.01 per gallon (gal) in 2021, the highest average nominal price since 2014. The average price for retail gasoline increased by more than $1.00/gal between the start and the end of 2021.
Crude oil prices increased in 2021 as global crude oil demand outpaced supply
Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year.
Energy prices rose more than other commodities in 2021
Energy prices used in the S&P Goldman Sachs Commodity Index (GSCI) ended 2021 59% higher than the first trading day of the year. Price increases were largely driven by increased demand from the initial phase of global economic recovery from the COVID-19 pandemic. By comparison, most other commodity indexes included in the GSCI increased by about 20%. The precious metals index was the only one to decline. The energy index of the GSCI increased more than twice as much as the industrial metals index on a percentage basis during 2021, the next highest commodity index group price change.
Tags: prices, natural gas, gasoline, liquid fuels, crude oil, oil/petroleum, industrial
In 2020, the United States produced the least CO2 emissions from energy in nearly 40 years
Note: Click for full U.S. CO2 emissions chart.
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on July 26.
In 2020, as the country responded to the COVID-19 pandemic, CO2 emissions from energy consumption in the United States fell to the lowest level since 1983. The 4.6 billion metric tons (Bmt) of CO2 emitted in 2020 was an 11% decrease from 2019, the largest annual decrease on record, according to our Monthly Energy Review. Our new U.S. CO2 emissions from energy consumption by source and sector chart illustrates CO2 emissions by energy source and sector.
U.S. liquefied natural gas exports grew to record highs in the first half of 2021
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on July 27.
U.S. exports of liquefied natural gas (LNG) continued to grow in the first six months of 2021, averaging 9.6 billion cubic feet per day (Bcf/d). This average marks an increase of 42%, or 2.8 Bcf/d, compared with the same period in 2020 (according to the U.S. Department of Energy’s LNG Monthly reports and our estimates for June 2021, based on shipping data from Bloomberg Finance L.P.). During the summer months of 2020, U.S. LNG exports fell to record lows, but they set consecutive record highs in November and December.
The United States installed more wind turbine capacity in 2020 than in any other year
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on March 3.
In both 2019 and 2020, project developers in the United States installed more wind power capacity than any other generating technology. According to data recently published by the U.S. Energy Information Administration (EIA) in its Preliminary Monthly Electric Generator Inventory, annual wind turbine capacity additions in the United States set a record in 2020, totaling 14.2 gigawatts (GW) and surpassing the previous record of 13.2 GW added in 2012. After this record year for wind turbine capacity additions, total wind turbine capacity in the United States is now 118 GW.
The U.S. exported slightly more petroleum than it imported in the first half of 2021
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on September 17.
Our Petroleum Supply Monthly trade data show that the United States exported more crude oil and petroleum products than it imported during the first half of 2021 by 120,000 barrels per day (b/d), or less than 1% of combined crude oil and petroleum product exports and imports.
Renewables became the second-most prevalent U.S. electricity source in 2020
Note: This graph shows electricity net generation in all sectors (electric power, industrial, commercial, and residential) and includes both utility-scale and small-scale (customer-sited, less than 1 megawatt) solar.
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally published on July 28.
In 2020, renewable energy sources (including wind, hydroelectric, solar, biomass, and geothermal energy) generated a record 834 billion kilowatthours (kWh) of electricity, or about 21% of all the electricity generated in the United States. Only natural gas (1,617 billion kWh) produced more electricity than renewables in the United States in 2020. Renewables surpassed both nuclear (790 billion kWh) and coal (774 billion kWh) for the first time on record. This outcome in 2020 was due mostly to significantly less coal use in U.S. electricity generation and steadily increased use of wind and solar.
Tags: generation, coal, electricity, natural gas, nuclear, renewables