U.S. Energy Information Administration logo
Skip to sub-navigation
Filter by article type:
In-brief analysis
Mar 18, 2024

U.S. crude oil exports reached a record in 2023

This TIE was updated on 3/18/24 to correct the units of measurement in the third chart.

annual U.S. crude oil exports
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly and Petroleum Supply Annual

U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted.

Read More ›
Top
In-depth analysis
Mar 14, 2024

Four countries could account for most near-term petroleum liquids supply growth

annual changes in petroleum and other liquids production

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), March 2024
Data values: Non-OPEC Petroleum and Other Liquids Production
Note: The OPEC and OPEC+ series reflect those countries participating in the OPEC+ agreement. OPEC members Iran, Libya, and Venezuela are exempt from the agreement and are included in the rest of non-OPEC+ series.

In 2023, the world produced an estimated 101.8 million barrels per day (b/d) of petroleum and other liquids: mostly crude oil but also lease condensate, natural gas liquids, biofuels, and other liquids from hydrocarbon sources. We expect the global petroleum and other liquids supply to increase by about 0.4 million b/d in 2024 and 2.0 million b/d in 2025. This growth will be driven primarily by rising crude oil production from four countries in the Americas—the United States, Guyana, Canada, and Brazil—which would partially offset near-term voluntary production cuts in 2024 that we expect from countries participating in the OPEC+ agreement.

Read More ›
Top
In-depth analysis
Mar 13, 2024

Winter storms have disrupted U.S. natural gas production

weekly ranges of estimated U.S. dry natural gas production

Data source: S&P Global Commodity Insights

Over the last four winters, winter storms Uri (February 2021), Elliott (December 2022), and most recently, Heather (January 2024) interrupted weekly U.S. natural gas production by more than 15 billion cubic feet per day (Bcf/d), according to daily estimates from S&P Global Commodity Insights. These declines were the largest interruptions to U.S. natural gas production during the past four years. Although the impacts of these disruptions appear more muted over the course of a month, winter storms Uri and Elliott still drove declines in monthly average natural gas production of 3 Bcf/d to 7 Bcf/d.

Read More ›
Top
In-brief analysis
Mar 12, 2024

U.S. propane exports established a new record in December 2023

U.S. monthly propane exports
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly

U.S. propane exports averaged a record 1.9 million barrels per day (b/d) in December 2023, the highest since we began collecting this data in 1973 in our Monthly Energy Review. Increased exports resulted from the highest propane price spread between the U.S. Gulf Coast and East Asia in a decade due to petrochemical and space heating demand.

Read More ›
Top
In-brief analysis
Mar 11, 2024

United States produces more crude oil than any country, ever

average annual crude oil and condensate production from top three global producers
Data source: U.S. Energy Information Administration, International Energy Statistics

The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019. Average monthly U.S. crude oil production established a monthly record high in December 2023 at more than 13.3 million b/d.

Read More ›
Top
In-brief analysis
Mar 7, 2024

Washington State’s emissions allowance program held its first auctions in 2023

Washington CCA prices and allowances sold
Data source: Washington State Department of Ecology
Note: CCA=Climate Commitment Act

Washington State wrapped up its first full year of auctions for tradable emission allowances in December, as the state considers joining an integrated regional greenhouse gas reduction program with California and Québec.

Read More ›
Top
In-brief analysis
Mar 6, 2024

Reduced refinery activity puts upward pressure on gasoline and diesel prices

weekly U.S. operable refinery capacity utilization through Feb 23, 2024
Data source: U.S. Energy Information Administration, Weekly Petroleum Status Report

Since early January 2024, U.S. refinery utilization has decreased 11%, falling as low as 81% during the two weeks ending February 9 and February 16, and briefly dropped below the five-year (2019–23) low. Although U.S. retail average prices for gasoline and diesel are below 2023 prices for this time of year, decreasing regional inventories for the major U.S. refining regions increased retail prices for both fuels last month, according to our Gasoline and Diesel Fuel Update.

Read More ›
Top
In-brief analysis
Mar 5, 2024

More productive wells spur U.S. crude oil production higher

Updated March 13, 2024 to correct units of measure in chart 2.

Monthly crude oil production, United States (Jan 1920â€&Dec 2025)
Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, February 2024

U.S. crude oil production averaged 13.3 million barrels per day (b/d) in December 2023, following sustained productivity increases at new wells, according to our latest Petroleum Supply Monthly (PSM). U.S. crude oil production has increased to record highs since 2010 and has risen even more quickly in recent months. These record highs have come despite declining U.S. drilling activity because the new wells are more efficient.

Read More ›
Top
In-brief analysis
Mar 4, 2024

Crude oil processing in China hit a record high in 2023

China crude oil processing (refinery runs)
Data source: China National Bureau of Statistics, Bloomberg L.P.

Crude oil processing, or refinery runs, in China averaged 14.8 million barrels per day (b/d) in 2023, an all-time high. The record processing came as the economy and refinery capacity grew in China following the country’s COVID-19 pandemic responses in 2022.

Read More ›
Top
In-brief analysis
Feb 29, 2024

The United States remained the largest liquefied natural gas supplier to Europe in 2023

Europe annual LNG imports by exporting country
Data source: CEDIGAZ and the International Group of Liquefied Natural Gas Importers (GIIGNL)
Note: Other includes Angola, Argentina, Australia, Cameroon, Egypt, Equatorial Guinea, Indonesia, Libya, Mozambique, Norway, Oman, Papua New Guinea, Peru, Trinidad and Tobago, United Arab Emirates, and Yemen. LNG=liquefied natural gas

The United States was again the largest supplier of liquefied natural gas (LNG) to Europe (EU-27 and the UK) in 2023, accounting for nearly half of total LNG imports, according to data from CEDIGAZ. Last year marks the third consecutive year in which the United States supplied more LNG to Europe than any other country: 27%, or 2.4 billion cubic feet per day (Bcf/d), of total European LNG imports in 2021; 44% (6.5 Bcf/d) in 2022; and 48% (7.1 Bcf/d) in 2023.

Read More ›
Top
In-brief analysis
Feb 28, 2024

Henry Hub daily natural gas spot price fell to record lows in February

daily average Henry Hub natural gas spot price
Data source: Refinitiv Eikon
Note: Prices are adjusted for inflation based on the January 2024 Consumer Price Index.

The U.S. benchmark Henry Hub daily natural gas price averaged $1.50 per million British thermal units (MMBtu) on February 20, 2024, the lowest price in inflation-adjusted dollars since at least 1997, according to data from Refinitiv Eikon. High natural gas production, low natural gas consumption, and higher natural gas inventories than the previous five-year (2018–22) average contributed to prices declining for much of 2023 and the first two months of 2024.

Read More ›
Top
In-depth analysis
Feb 27, 2024

Biomass-based diesel and ethanol compliance credit prices decline 45% from start of year

inflation-adjusted daily spot prices for ethanol and biomass-based diesel RINs

Data source: Oil Price Information Service and U.S. Bureau of Labor Statistics, Consumer Price Index
Note: RIN=renewable identification number. Real dollars are adjusted for inflation.

The price of compliance credits for biomass-based diesel and ethanol has decreased about 45% since the start of the year, when prices were already the lowest in about three years. The decline in the price of credits, known as renewable identification numbers (RINs), is due primarily to lower costs for agricultural feedstocks relative to petroleum fuels, and we expect prices to remain subdued due to record-high credit generation from the production of renewable diesel.

Read More ›
Top
In-brief analysis
Feb 26, 2024

Wholesale U.S. electricity prices were relatively low in 2023

wholesale electricity prices at select trading hubs
Data source: S&P Global Market Intelligence

After a volatile 2022, average wholesale electricity prices at most major trading hubs in the Lower 48 states generally declined and traded within more narrow price ranges in 2023, according to data from S&P Global Market Intelligence. Prices decreased primarily because of lower natural gas prices, mild temperatures at the start of the year, reduced average electricity loads in many regional markets, and improved hydroelectric conditions in California and the Southwest.

Read More ›
Top
In-depth analysis
Feb 22, 2024

Use of natural gas-fired generation differs in the United States by technology and region

Share of electricty generation by fuel type (2023)

Data source: U.S. Energy Information Administration, Electricity Power Monthly

Natural gas is the single-largest source of energy used to generate electricity in the United States, making up 43% of electricity generation in 2023. Natural gas-fired power plants accounted for the second-most U.S. generating capacity additions in 2023, trailing only solar. Combined with increasing domestic supply and relatively low natural gas prices, the versatility of natural gas-fired power plants to meet a wide range of requirements across many U.S. markets is one of the main reasons for their growth. However, the dispatchability, efficiency, and broad regional coverage of natural gas-fired power plants vary significantly. In addition, decades of advancements in natural gas turbine efficiency mean that the age of natural gas-fired plants affects how those plants are used.

Read More ›
Top
In-depth analysis
Feb 21, 2024

U.S. energy flows through Panama Canal rose slightly in January

U.S. liquefied petroleum gas (LPG) and ethane exports through the Panama Canal rose in January 2024 with a return to vessel traffic through the shipping channel as drought conditions eased. Transit volumes of LPG and ethane had fallen in late 2023 amid a historic drought at the Panama Canal.

Read More ›
Top