US Energy Information Administration news

The US Energy Information Administration (EIA) expects that Brent crude oil prices will return to above US$80/bbl this month, after dipping to US$73/bbl on 6 September.

In 2022, energy expenditures – or the amount of money US consumers spent on energy – increased 22% from 2021 to more than US$1.7 trillion when adjusted for inflation, according to the US Energy Information Administration's (EIA) State Energy Data System (SEDS).

The US Energy Information Administration (EIA) reports that a series of refinery outages in Chicago and Ohio have generally increased Midwest prices for petroleum products relative to the US average, particularly gasoline.

As of 1 July 2024, state taxes and fees on gasoline and diesel fuel averaged US$0.33 per gallon (gal) of gasoline and US$0.35/gal of diesel fuel, according to the EIA's federal and state motor fuel taxes table.

Natural gas storage injections have remained below the five-year average so far for the 2024 summer.

LNG trade increased 3.1% globally in 2023, according to a recently released report from the International Group of Liquefied Natural Gas Importers (GIIGNL).

The US Energy Information Administration (EIA) reports that annual jet fuel consumption in the US grew in 2023 for the third year in a row but remained below the pre-pandemic peak in 2019.

Weekly US average gasoline prices have declined 19 cents/gal since the 2024 high on 22 April, falling to US$3.48/gal on 1 July, 5 cents/gal less than the price a year ago.

The US EIA reports that operable atmospheric crude oil distillation capacity, its primary measure of refinery capacity in the US, increased by 2%, or 324 000 bpd, in 2023.

The potential for a stronger hurricane season suggests heightened risk for weather-related production outages in the US oil and natural gas industry.