About one-fifth of global liquefied natural gas trade flows through the Strait of Hormuz

• In 2024, about 20% of global liquefied natural gas (LNG) trade transited the Strait of Hormuz, primarily from Qatar. The strait is a critical route for oil and petroleum products as well.
• Qatar exported about 9.3 billion cubic feet per day (Bcf/d) of LNG through the Strait of Hormuz in 2024, and the United Arab Emirates (UAE) exported about 0.7 Bcf/d, accounting for nearly all LNG flows from the Persian Gulf through Hormuz.
• We estimate that 83% of the LNG that moved through the Strait of Hormuz in 2024 went from Persian Gulf countries to Asian markets. China, India, and South Korea were the top destinations for LNG moving through the Strait of Hormuz, accounting for 52% of all Hormuz LNG flows in 2024. In 2024, disruptions to LNG flows through the Bab al-Mandeb Strait, which connects the Red Sea to the Gulf of Aden and Arabian Sea, and more U.S. LNG exports to Europe pushed LNG exports from Qatar away from Europe to Asia.
• Kuwait and the UAE imported LNG that originated outside of the Persian Gulf, including from the United States and West Africa. Bahrain began operating an LNG import terminal in April 2025 and also received cargoes that transited Hormuz from outside of the Persian Gulf, including recent cargoes in April and June that originated from the United States.

Residential electricity bills could increase slightly this summer

During summer 2025, from June through September, residential customers in the United States can expect average monthly electricity bills of $178, a slight increase from last summer’s average of $173. We expect a slight decrease in consumption, driven by cooler forecast summer temperatures relative to last summer, which only partially offsets the expected increase in residential electricity prices in most areas of the country.

U.S. primary energy production, consumption, and exports increased in 2024

The United States continued to produce more energy than it consumed in 2024. This surplus energy production helped energy exports grow to a record high 30.9 quadrillion British thermal units (quads) in 2024, up 4% from 2023. Energy imports stayed flat at 21.7 quads in 2024, meaning the United States exported 9.3 quads more energy than it imported, the highest net exports in our records, which date back to 1949.

EIA forecasts new export licensing requirements will reduce U.S. ethane exports

We forecast U.S. ethane exports will decrease by 80,000 barrels per day (b/d) this year and by 177,000 b/d in 2026 in our June Short-Term Energy Outlook because of new licensing requirements for U.S. exports of ethane to China. Any policy changes that relax licensing requirements, such as the outcome of trade negotiations between the United States and China, would lead us to increase our forecasts for U.S. ethane exports again.

Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The strait is deep enough and wide enough to handle the world's largest crude oil tankers, and it is one of the world's most important oil chokepoints. Large volumes of oil flow through the strait, and very few alternative options exist to move oil out of the strait if it is closed. In 2024, oil flow through the strait averaged 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption. In the first quarter of 2025, total oil flows through the Strait of Hormuz remained relatively flat compared with 2024.

U.S. natural gas storage capacity increased in 2024

Underground working natural gas storage capacity in the Lower 48 states increased in 2024 according to our latest data. We calculate natural gas storage capacity in two ways: demonstrated peak capacity and working gas design capacity. Both increased in 2024. Underground natural gas storage provides a source of energy when demand increases, balancing U.S. energy needs. In 2024, demonstrated peak capacity rose 1.7%, or 70 billion cubic feet (Bcf), to 4,277 Bcf, while working gas design capacity increased slightly by 0.1%, or 3 Bcf.

Electric generators plan more natural gas-fired capacity after few additions in 2024

Developers plan to add 18.7 gigawatts (GW) of combined-cycle capacity to the grid by 2028, with 4.3 GW already under construction, according to our latest Preliminary Monthly Electric Generator Inventory. Although electricity generators fueled by natural gas have provided more electricity in the United States than any other source since 2016, hardly any new natural gas capacity came online last year.

In 2024, the United States produced more energy than ever before

In 2024, the United States produced a record amount of energy, according to data in our Monthly Energy Review. U.S. total energy production was more than 103 quadrillion British thermal units in 2024, a 1% increase from the previous record set in 2023. Several energy sources—natural gas, crude oil, natural gas plant liquids, biofuels, solar, and wind—each set domestic production records last year.

Gulf of America oil and natural gas production expected to remain stable through 2026

We forecast crude oil production in the Federal Offshore Gulf of America (GOA) will average 1.80 million barrels per day (b/d) in 2025 and 1.81 million b/d in 2026, compared with 1.77 million b/d in 2024, in our most recent Short-Term Energy Outlook (STEO). We expect GOA natural gas production to average 1.72 billion cubic feet per day (Bcf/d) in 2025 and 1.64 Bcf/d in 2026, compared with 1.79 Bcf/d in 2024. At these volumes, the GOA is forecast to contribute about 13% of U.S. crude oil production and 1% of U.S. marketed natural gas production in 2025 and 2026.

U.S. renewable diesel production and biodiesel production declined in 1Q25

U.S. production of renewable diesel and biodiesel fell sharply in the first quarter of 2025 (1Q25) because of uncertainty related to federal biofuel tax credits and negative profit margins. We forecast production of both fuels to increase as the year progresses but biodiesel production to remain less than in 2024.

Tight oil production in Permian drives growth in onshore U.S. Lower 48 states production

Onshore crude oil production in the U.S. Lower 48 states (L48) has more than tripled since January 2010, driven by tight oil production growth in the Permian region. Onshore crude oil production is made up of both legacy oil production, primarily from vertically drilled wells, and newer tight oil production, primarily from horizontally drilled wells.

Hybrid vehicle sales continue to rise as electric and plug-in vehicle shares remain flat

About 22% of light-duty vehicles sold in the first quarter of the year in the United States were hybrid, battery electric, or plug-in hybrid vehicles, up from about 18% in the first quarter of 2024. Among those categories, hybrid electric vehicles have continued to gain market share while battery electric vehicles and plug-in hybrid vehicles have remained relatively flat, according to estimates from Wards Intelligence.

Solar and wind power curtailments are increasing in California

The California Independent System Operator (CAISO), the grid operator for most of the state, is increasingly curtailing solar- and wind-powered electricity generation as it balances supply and demand amidst rapid renewables capacity growth.

EIA counts U.S. electricity generation in different ways

At EIA, we publish U.S. electricity net generation from two different perspectives:

U.S. retail gasoline prices heading into Memorial Day weekend are at a multi-year low

The retail price for regular-grade gasoline in the United States on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon (gal), 11% (or 41 cents/gal) lower than the price a year ago. After adjusting for inflation (real terms), average U.S. retail gasoline prices going into Memorial Day weekend are 14% lower than last year, largely because crude oil prices have fallen.