U.S. drivers hitting the road for the holiday weekend will save some extra cash at the pump, the Energy Information Administration reports current gasoline prices are the lowest since 2004. Average prices on August 31 were $2.51 per gallon – $0.95 lower than one year ago. The Gulf Coast is currently enjoying average prices below $2.20, while California drivers are
The Energy Information Administration (EIA) published its findings regarding the removal of the crude oil export ban on September 1, 2015, finalizing a series of studies that have spanned dating back to May 2014. The EIA took a cautious approach in delivering its findings, explaining repeatedly how the price of crude oil could have wide implications on the effects of
The EIA anticipates declines in natural gas production for the first time The Energy Information Administration (EIA) expects to see near-term declines in the amount of natural gas produced in the seven major shale regions for the first time in September. The number of new wells being brought on in every region will not be able to produce enough to
EIA lowers its price expectations The Energy Information Administration (EIA) lowered its price expectations for West Texas Intermediate (WTI) this week. The EIA’s new price deck expects WTI to average $49 per barrel for 2015, and $54 per barrel in 2016. The EIA’s updated price expectations are $6/barrel lower for 2015, and $8/barrel lower for 2016, than the administration’s previous
The EIA’s Short-Term Energy Outlook shows declining production as prices drop The U.S. Energy Information Administration (EIA) released its July Short-Term Energy Outlook (STEO) today, showing lower production in the month of July as prices continue their downward trend. The EIA reported that U.S. crude oil production declined by 100 MBOPD in July compared with June. Production is expected to
ExxonMobil executes two deals for Permian acreage ExxonMobil (ticker: XOM) announced that it has acquired 48,000 acres in the core of the Midland Basin through the execution of two agreements. The agreements include an acquisition and farm-in adjoining XOM subsidiary XTO Energy’s existing acreage position in Martin and Midland Counties, providing rights to all intervals within the basin. The acreage
Even as overall production declines, new-well production is up With just two exceptions, every major play tracked in the Energy Information Administration’s (EIA) Drilling Productivity Report (DPR) for August is showing lower month-over-month production, but the EIA anticipates greater production per new-well in every play except oil wells in the Haynesville, where the EIA expects no change. According to the EIA,
Carbon emissions from the power sector at lowest level since 1988 The electric power sector emitted 128 million metric tons of carbon dioxide (MMmt CO2) in April 2015, according to information from the Energy Information Administration (EIA). This level of emissions is the lowest for any month since April 1988. In any year, April is typically the month with the
Both consumption and production of natural gas in the U.S. were the highest on record for the month of May in 2015 The Energy Information Administration (EIA) reported today that dry natural gas production was the highest ever recorded in the administration’s database. Consumption was the highest on record for the month, dating back to 2001, according to the EIA’s
Historical oil price data shows one day price drops of 7.7% or higher are relatively rare Last Monday saw the largest drop in oil prices for West Texas Intermediate (WTI) in four months, when the U.S. crude benchmark shed 7.7% of its value in a single day of trading. Concerns over the Greek debt crisis, weakness in the Chinese stock
Raymond James estimates U.S. production has been declining since March The oil market may be tighter than many realize, according to analysis from Marshall Adkins and researchers at Raymond James. In a follow up to the research they did on the International Energy Agency’s (IEA) 1.2 MMBOPD of missing production, Adkins and his team delved into the Energy Information Administration’s
On a month-over-month comparison, few changes stood out in the Energy Information Administration’s (EIA) Short Term Energy Outlook (STEO) for July 2015. Oil price projections are relatively consistent, and 2015 production was even revised upward by 0.1 MMBOPD. The declines in natural gas production, however, is projected to come to an end in June and will return to a growth
