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In-brief analysis

June 13, 2025

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.

Demonstrated peak capacity is the sum of the largest volume of working gas stored in each storage field during the previous five-year period, regardless of when the peaks occurred. Demonstrated peak capacity is typically less than working gas design capacity because it relates to actual usage rather than

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In-brief analysis

June 11, 2025

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.

Combined-cycle units contribute to grid operation, reliability
Relatively efficient combined-cycle gas turbines (CCGTs) account for most of the natural gas-fired generating capacity in the United States. CCGT units are flexible and can quickly ramp up or down to respond to changes in power supply, supporting the reliability of the transmission system especially as more renewable capacity is integrated in the system.

The design lifetime of CCGT units is typically 25 years

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In-brief analysis

June 9, 2025

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.

Natural gas accounted for about 38% of U.S. total energy production in 2024 and has been the largest source of U.S. domestic energy production every year since 2011, when it surpassed coal. U.S. dry natural gas production was nearly 38 trillion cubic feet, about the same as in 2023.

Domestic crude oil accounted for about 27% of U.S. total energy production in 2024, as the United States continues

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In-brief analysis

June 6, 2025

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.

We expect operators to start crude oil and natural gas production at 13 fields in the GOA during 2025 and 2026, without which GOA production would decline. Eight fields will be developed

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