RSS feed source: US Energy Information Administration

In-brief analysis

May 15, 2025

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO), May 2025, and Oxford Economics
Note: Excludes 2020 and 2021 as outlier years because of the COVID-19 pandemic.

We forecast consumption growth of crude oil and other liquid fuels will slow over the next two years, driven by a slowdown in economic growth, particularly in Asia, in our May Short-Term Energy Outlook (STEO).

The world economy, measured by GDP, increases 2.8% in 2025 and 2026 in our forecast. Excluding the years of global economic contraction in 2020 and 2009, these economic growth rates would be the lowest since 2008. Considerable uncertainty over world trade, manufacturing, and investment points to downside risk in economic growth, which has a direct effect on oil consumption.

Economic activity uses energy. Increases in population,

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RSS feed source: US Energy Information Administration

In-depth analysis

May 14, 2025

Retail electricity prices have increased faster than the rate of inflation since 2022, and we expect them to continue increasing through 2026, based on forecasts in our Short-Term Energy Outlook. Parts of the country with relatively high electricity prices may experience greater price increases than those with relatively low electricity prices.

Overall, U.S. energy prices rapidly increased from 2020 to 2022 as economic activity recovered after the worst of the pandemic and Russia’s invasion of Ukraine interrupted energy supply chains. Since 2022, nominal prices for many fuels have declined, particularly for those such as gasoline and heating oil that are tied more closely to crude oil prices, which are affected by international markets. Electricity prices, though, have continued a steady increase.

Regions with already high electricity prices may see larger increases

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RSS feed source: US Energy Information Administration

In-brief analysis

May 13, 2025

In our latest Short-Term Energy Outlook, we forecast U.S. annual electricity consumption will increase in 2025 and 2026, surpassing the all-time high reached in 2024. This growth contrasts with the trend of relatively flat electricity demand between the mid-2000s and early 2020s. Much of the recent and forecasted growth in electricity consumption is coming from the commercial sector, which includes data centers, and the industrial sector, which includes manufacturing establishments.

U.S. electricity consumption was essentially flat for nearly two decades. Electricity demand increases generally associated with population growth and economic growth were offset by efficiency improvements and other structural changes in the economy, such as the transition from manufacturing to service sectors that tend to consume less energy. Total electricity consumption includes sales to ultimate customers in the residential, commercial, and industrial

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RSS feed source: US Energy Information Administration

In-brief analysis

May 12, 2025

The average electric monthly bill for U.S. residential customers was $144 in 2024, but average costs for customers in some states were much higher or lower. Customers in states such as Hawaii and Connecticut, where retail electricity prices are relatively high, paid more than $200 per month for electricity, or more than twice as much as customers in states such as New Mexico and Utah.

Monthly electricity bills are the product of two factors: retail electricity prices and the amount of grid-delivered electricity that customers consume. Although we do not directly survey retail electricity prices or bills in our monthly electricity surveys, we estimate bills by dividing the utilities’ revenue from residential customers by the number of residential customers. Similarly, we estimate retail prices by dividing utility revenue from residential customers by

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