U.S. oil companies spent less on interest over the last decade despite higher rates
Note: Production expenses include costs of goods sold, operating expenses, and production taxes from company income statements. Interest expenses are in 2024 dollars and deflated using the Consumer Price Index.
Higher oil prices, increased drilling efficiency, and structurally lower debt needs have contributed to lower interest expenses for some publicly traded U.S. oil companies over the past decade, despite the level of interest rates across the economy being relatively high.
Read More ›Tags: prices, production/supply, liquid fuels, oil/petroleum
U.S. imports of major transportation fuels decreased in 2024
U.S. imports of petroleum products decreased by 210,000 barrels per day (b/d) in 2024 to average 1.8 million b/d. Imports of all major transportation fuels, such as motor gasoline, diesel, and jet fuel, as well as other products, such as unfinished oils, decreased.
Read More ›U.S. natural gas inventories in underground storage ended winter at a three-year low
Note: We estimated end-of-month values for February and March from the Weekly Natural Gas Storage Report.
After a relatively warm start to the 2024–25 winter heating season (November–March), colder-than-normal temperatures across much of the United States in January and February resulted in increased consumption of natural gas and more withdrawals from U.S. natural gas storage than normal. By the end of March, the least amount of natural gas was held in U.S. underground storage in the Lower 48 states since 2022, with inventories 4% lower than the previous five-year average for that time of year, according to our Weekly Natural Gas Storage Report.
Read More ›Tags: natural gas, inventories/stocks, storage, weather
The United States operates the world’s largest nuclear power plant fleet
Note: Alaska and Hawaii do not have nuclear power plants. Capacity values are net summer capacity.
In 2024, U.S. utilities operated 94 nuclear reactors with a total net generating capacity of nearly 97 gigawatts (GW), the largest commercial nuclear power generation fleet in the world. The next three countries with the largest programs were France with 57 units (63.0 GW), China with 57 units (55.3 GW), and Russia with 36 units (28.6 GW). Nuclear power continues to account for 19% of U.S. power sector electricity generation.
Read More ›Tags: nuclear, map, power plants, electricity, generation
Distillate and jet fuel contribute to record U.S. petroleum product exports in 2024
Note: HGLs=hydrocarbon gas liquids
In 2024, U.S. exports of total petroleum products increased to a record 6.6 million barrels per day (b/d) annual average. Annual U.S. petroleum product exports increased by 495,000 b/d as U.S. exports of distillate fuel oil, typically sold as diesel, and jet fuel increased compared with 2023, while exports of total motor gasoline decreased. Imports of major petroleum products, including gasoline, distillate fuel oil, and jet fuel, decreased by 210,000 b/d in 2024 compared with 2023.
Read More ›China’s solar capacity installations grew rapidly in 2024
Note: NEA considers utility-scale solar to include projects of at least six megawatts of installed alternating current capacity.
Utility-scale solar power capacity in China reached more than 880 gigawatts (GW) in 2024, according to China’s National Energy Administration. China has more utility-scale solar than any other country. The 277 GW of utility-scale solar capacity installed in China in 2024 alone is more than twice as much as the 121 GW of utility-scale solar capacity installed in the United States at the end of 2024.
Read More ›Tags: generation, electricity, China, solar, capacity, map
Five petroleum product pipelines were completed in the United States in 2024
The TIE was reposted to correct a data point.
In 2024, pipeline companies completed five pipeline projects to transport petroleum liquids in the United States, according to our recently updated Liquids Pipeline Projects Database. The five projects consisted of three hydrocarbon gas liquid (HGL) pipelines and two petroleum product pipelines.
Read More ›U.S. natural gas production remained flat in 2024
U.S. marketed natural gas production remained relatively flat in 2024, growing by less than 0.4 billion cubic feet per day (Bcf/d) compared with 2023 to average 113 Bcf/d, according to our latest Natural Gas Monthly. Production growth in the Permian was offset by declining production in the Haynesville and relatively flat production in Appalachia.
Read More ›Tags: natural gas, production/supply, Haynesville, Permian
U.S. crude oil production rose by 2% in 2024
U.S. crude oil production grew by 270,000 barrels per day (b/d) in 2024 to average 13.2 million b/d, according to our Petroleum Supply Monthly. Almost all the production growth came from the Permian region.
Read More ›U.S. energy consumption growth decreases in the near term in the latest AEO
Note: ZTC=Zero-Carbon Technology Cost
U.S. energy consumption decreases in the next several years before increasing again in the early 2040s through 2050, according to our recently published Annual Energy Outlook 2025 (AEO2025). U.S. energy consumption in 2050 is lower than in 2024 in most of the scenarios we explore in AEO2025, but the range of outcomes varies significantly based on the underlying assumptions.
Read More ›Eagle Ford natural gas production increases as crude oil production holds steady
In our April Short-Term Energy Outlook, we forecast U.S. annual natural gas production from the Eagle Ford region in southwest Texas will grow from 6.8 billion cubic feet per day (Bcf/d) in 2024 to 7.0 Bcf/d in 2026. The increase in natural gas production comes as natural gas prices rise and demand for liquefied natural gas exports grows. Oil production in the Eagle Ford, on the other hand, has hovered around 1.1 million barrels per day (b/d) since 2020, and we forecast it will remain about the same through 2026.
Read More ›U.S. crude oil exports reached a new record in 2024
U.S. crude oil exports in 2024 surpassed the previous record set in 2023, exceeding an annual average of 4.1 million barrels per day (b/d). Despite this new record, crude oil export year-over-year growth slowed to 1% in 2024, compared with 14% in 2023 and 21% in 2022.
Read More ›Angola exported more liquefied natural gas to Europe and less to Asia in 2022 and 2023
Angola exported more liquefied natural gas (LNG) to Europe and less to Asia in 2022 and 2023, according to estimates from the Statistical Review of World Energy, when Europe increased LNG imports to offset reduced natural gas imports by pipeline from Russia following the outbreak of the Russia-Ukraine war.
Read More ›U.S. production of all types of coal has declined over the past two decades
Data values: Table ES-1, Coal Production
In 2023, the United States produced 578 million short tons (MMst) of coal, or less than half of the amount produced in 2008 when U.S. coal production peaked, according to our most recent Annual Coal Report. The production decline is spread almost evenly across each type of coal and continued in 2024. Rising mining costs, increasingly stringent environmental regulations, and competition from other sources of electric power generation have contributed to domestic coal production declines.
Read More ›Tags: coal, production/supply
U.S. propane consumption reached an 18-year record in January amid cold snap
U.S. propane consumption reached 1.48 million barrels per day (b/d) in January 2025, the most January consumption on record since January 2005 and the most for any month since February 2007, as severe cold drove up heating demand across much of the country.
Read More ›Tags: propane, consumption/demand, weather