RSS feed source: US Energy Information Administration

In-brief analysis

January 7, 2025

The U.S. retail price for regular grade gasoline averaged $3.30 per gallon (gal) in 2024, $0.21/gal less than in 2023. Lower crude oil prices and narrower refinery margins in 2024 than in 2023 both contributed to the decrease in U.S. retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update. From the first week of 2024 through the last week, national average weekly gasoline prices decreased $0.08/gal.

The retail gasoline price was highest in 2024 during late April when it reached $3.67/gal, below last year’s high price of $3.88/gal in September 2023. The high preceded the summer driving season, when gasoline use peaks in the United States and which often sets the highest prices of the year. However, peak prices before the summer season this year reflected relatively lower

Click this link to continue reading the article on the source website.

RSS feed source: US Energy Information Administration

In-brief analysis

January 6, 2025

Data source: Bloomberg, L.P.
Note: A front-month contract is a futures contract that is the closest to expiration.

Benchmark Brent crude oil futures prices averaged $80 per barrel (b) in 2024, $2/b less than in 2023. Intraday prices stayed within a $24/b range, between $68/b and $93/b (after rounding), which was the narrowest trading range since 2019. Adjusting the trading range for inflation, last year was the narrowest since 2003. Strong global growth in production of oil and slower demand growth put downward pressure on prices, while heightened geopolitical risks and voluntary production restrictions among OPEC+ members supported them. These offsetting factors kept oil prices within a narrow range.

During the first quarter of 2024, Brent oil prices generally rose due to heightened geopolitical risks largely associated with the growing Middle

Click this link to continue reading the article on the source website.

RSS feed source: US Energy Information Administration

In-brief analysis

December 23, 2024

Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, December 2024
Note: The production values do not include Alaska or offshore production.

Crude oil production in the U.S. Lower 48 (L48) states, which excludes Alaska and offshore production, reached a record 11.3 million barrels per day (b/d) in November 2024, according to our estimate in the latest Short-Term Energy Outlook (STEO) published on December 10. Crude oil production in the L48 states increased 3% year over year despite fewer active rigs in most major producing regions, demonstrating gains in operational efficiency.

Rigs drill oil wells, and an increased number of active drilling rigs indicates that U.S. producers are drilling more wells, which generally results in growing oil production. Our latest STEO shows the active rig count decreased year over year in

Click this link to continue reading the article on the source website.

RSS feed source: US Energy Information Administration

In-brief analysis

December 19, 2024

India has emerged as the leading source of growth in global oil consumption in 2024 and 2025, overtaking China this year, according to our December Short-Term Energy Outlook (STEO). China’s oil consumption grew by more than India’s in almost every year from 1998 through 2023, with China’s oil consumption regularly growing more than any other country during those years.

Over 2024 and 2025, India accounts for 25% of total oil consumption growth globally. We expect an increase of 0.9 million barrels per day (b/d) in global consumption of liquid fuels in 2024. We expect even more growth next year, with global oil consumption increasing by 1.3 million b/d.

Driven by rising demand for transportation fuels and fuels for home cooking, consumption of liquid fuels in India is forecast to increase by 220,000

Click this link to continue reading the article on the source website.