RSS feed source: US Energy Information Administration

In-brief analysis

September 2, 2025

Between 2020 and 2024, total crude oil and lease condensate production in the United States grew by 1.9 million barrels per day (b/d), 93% of which was produced from just 10 counties in Texas and New Mexico. Production from the rest of the United States, including producing areas in offshore state or federal waters, grew by just 130,000 b/d.

The 10 counties are all within the Permian Basin, a large geologic feature underlying 66 counties in New Mexico and Texas. Two of these counties, Lea and Eddy in New Mexico, accounted for nearly 1.0 million b/d of U.S. production growth (52%) between 2020 and 2024. Martin and Midland in Texas accounted for an additional 0.40 million b/d (21%). Six additional counties in Texas—Andrews, Glasscock, Howard, Loving, Reagan, and Ward—together grew by 0.36

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RSS feed source: US Energy Information Administration

In-brief analysis

August 28, 2025

On August 25, 2025, the Monday before Labor Day weekend, the retail price of regular gasoline averaged $3.15 per gallon (gal) across the United States, 5% (or 17 cents/gal) lower than at the same time last year.

The cost of crude oil typically accounts for a little more than half of the retail gasoline price. Falling crude oil prices, driven by increasing global crude oil supply, have contributed to lower retail gasoline prices heading into this Labor Day. From August 1 to August 25, Brent crude oil prices averaged $67 per barrel, about 15% less than in August 2024.

We forecast gasoline prices will decline 11%, or about 35 cents/gal, from August to December. The forecast decline is driven by our expectation that crude oil prices will fall, caused by continued

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In-depth analysis

August 27, 2025

Five years after the COVID-19 national emergency was declared, gasoline demand, distillate demand, and jet fuel demand all remain less than pre-pandemic averages. Several factors are keeping demand, which we track as product supplied, below pre-pandemic levels. For example, increased fuel efficiency in the vehicle and aircraft fleets has offset increased travel, and demand for petroleum-based distillate fuel oil has been partially replaced by biomass-based distillate fuels.

Finished motor gasoline

In April 2020 (the first full month following the March 13 declaration of the COVID-19 national emergency), U.S. gasoline demand fell to 5.9 million b/d, the lowest since January 1974. In April 2025, U.S. gasoline demand averaged 8.9 million barrels per day (b/d), 52% higher than it was in April 2020 but below the April 2019 average of 9.4 million

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