Colorado refinery outage is causing higher gasoline prices in Rocky Mountain region

The only petroleum refinery in Colorado shut down in late December after sustaining damage from extremely cold weather, and it is expected to remain offline for months to repair, the refinery owner and operator, Calgary-based Suncor, stated. The refinery outage may tighten the supply of gasoline and diesel in Colorado and, more broadly, the Rocky Mountain region, leading to higher retail prices for both. From the end of December to February 20, the average retail gasoline price increased 51% in Colorado and 27% in the Rocky Mountain region, according to our Gasoline and Diesel Fuel Update, compared with a 9% increase in the United States overall. More »

Electricity production costs rose with fuel costs in 2021, delivery cost remained elevated

After adjusting for inflation, costs for major U.S. utilities to produce electricity rose 6% in 2021 as a result of rising fuel costs. For a number of years, electricity production costs had declined as natural gas prices fell and new low-cost renewable generators came online. The cost to deliver electricity across transmission and distribution lines increased 12% in 2020 and remained steady in 2021. More »

State tax rates for retail gasoline and diesel increased in 13 states in 2023

In January 2023, state taxes and fees on gasoline and diesel fuel averaged $0.3163 per gallon (gal) of gasoline and $0.3388/gal of diesel fuel, according to our federal and state motor fuels taxes table. These taxes increased in 13 states between July and December 2022. Since July 2022, these taxes increased the most in New York State, rising $0.088/gal for both gasoline and diesel. More »

After dropping to a 20-year low, western U.S. hydropower generation rose 13% last year

After decreasing to a 20-year low for the 2020-21 water year, hydropower production in the western United States increased slightly during last year's water year, rising 13% to reach 161 million megawatthours (MWh). Western hydro generation can vary significantly from year to year because it follows rain and snowpack patterns. More »

Domestic policy and geopolitics reduced China's refinery activity in 2022

In 2022, refiners in China processed less crude oil than they did in 2021, which was the first year-over-year decrease in processing according to data going back to 2000. Reduced refinery activity in China resulted from numerous factors, including mobility restrictions related to the COVID-19 pandemic and low petroleum product export quotas. More »

Germany extends the life of its last three operating nuclear power plants until April

In October 2022, German Chancellor Olaf Scholz ordered his government ministers to prepare a plan to keep the country’s last three operating nuclear power plants, which were originally scheduled to close at the end of 2022, operating until April 2023. More »

The Henry Hub natural gas spot price declined 41% in January

The natural gas price at the U.S. benchmark Henry Hub declined by 41%, or $2.26 per million British thermal units (MMBtu), in January 2023 compared with December 2022, based on data from Refinitiv Eikon. The price decline was driven by warmer-than-average temperatures across the United States that reduced natural gas consumption for space heating and by increased natural gas production. In our February Short-Term Energy Outlook (STEO), we forecast the natural gas price at the Henry Hub will average $3.40/MMBtu in 2023. More »

Spending by U.S. natural gas consumers rose 37% in 2021, especially in Oklahoma and Texas

In 2021, expenditures by U.S. natural gas consumers totaled $192 billion, a 37% increase from 2020 after adjusting for inflation, according to our State Energy Data System. The increased spending followed rising U.S. natural gas prices, particularly in the electric power sector across the southern United States. Total U.S. natural gas consumption remained virtually unchanged from 2020 to 2021. More »

EIA forecasts U.S. refinery utilization to average more than 90% in 2023 and 2024

In our February Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will remain similar to 2022 at above 90% over the next two years. The industry is returning to more typical rates after low refinery utilization in 2020 and 2021. We forecast U.S. refinery utilization will average 90.8% in 2023 and then decrease slightly to 90.3% in 2024. More »

U.S. residential heating oil prices decline from record-highs in November

At the start of the winter heating season (October–March), the retail price of home heating oil in the United States climbed rapidly, establishing a new record in early November, according to data from our State Heating Oil and Propane Program (SHOPP). Since then, the price has decreased because of declining prices for crude oil, warmer-than-normal weather, and unseasonal distillate inventory growth. More »

New England's power grid weathers last weekend's record-breaking cold and wind

From February 3 to February 5, record-breaking cold temperatures and extreme wind chill in New England created strong electricity demand as homes and businesses turned up the heat to combat the frigid conditions. Despite the widespread and extreme cold, the region's power grid avoided blackouts and met heightened electricity demand. More »

Coal and natural gas plants will account for 98% of U.S. capacity retirements in 2023

In 2023, operators plan to retire 15.6 gigawatts (GW) of electric-generating capacity in the United States, mostly natural gas-fired (6.2 GW) and coal-fired (8.9 GW) power plants, according to our Preliminary Monthly Electric Generator Inventory. More »

More than half of new U.S. electric-generating capacity in 2023 will be solar

Developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023, according to our Preliminary Monthly Electric Generator Inventory. More than half of this capacity will be solar power (54%), followed by battery storage (17%). More »

Domestic renewable diesel capacity could more than double through 2025

U.S. production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon. More »

U.S. proved reserves of crude oil increased significantly in 2021

In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related constraints on crude oil demand and production. In 2021, however, demand for petroleum and natural gas returned, prices rose, and proved reserves increased. More »