With the planned release of the Petroleum Supply Monthly (PSM) later today, EIA is incorporating the first survey-based reporting of monthly crude oil production based on an expansion of its survey program earlier this year. Today’s PSM includes EIA’s first…
Month: August 2015
Reduced offshore share in U.S. oil and natural gas production lowers risk from hurricanes
The domestic market for distributed wind turbines has weakened since the record capacity additions in 2012. Last year’s installations of mid-size and small wind turbines were the lowest in a decade. Relatively low electricity prices, competition from other distributed energy…
EIA expects near-term decline in natural gas production in major shale regions
Natural gas production across all major shale regions in EIA’s Drilling Productivity Report is projected to decrease for the first time in September. Production from these seven shale regions reached a high in May at 45.6 billion cubic feet per…
India’s coal industry in flux as government sets ambitious coal production targets
Coal consumption in India, particularly in the electric power sector, is outpacing India’s domestic production. From 2005 to 2012, India’s coal production grew by only 4.7% per year to about 600 million metric tons while the country’s coal-fired electric power…
Growing global liquids inventories reflect lower crude oil prices
Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, resulting in rising global liquids stocks. Total global liquids inventories are estimated to have grown by 2.3 million barrels per day through the…
Major fossil fuel-producing states rely heavily on severance taxes
Several states that produce large amounts of fossil fuels rely heavily on severance tax revenue—taxes based on the volume and/or value of oil, natural gas, coal, and other natural resources. On average, severance taxes accounted for less than 2% of…
Domestic market for distributed wind turbines faces several challenges
The domestic market for distributed wind turbines has weakened since the record capacity additions in 2012. Last year’s installations of mid-size and small wind turbines were the lowest in a decade. Relatively low electricity prices, competition from other distributed energy…
Australia shifts investment from wind projects to other renewable sources
Australia’s Clean Energy Finance Corporation (CEFC) last month was directed to stop investing in future wind power projects. Australian Prime Minister Tony Abbott stated that CEFC should be investing in the development of new technologies rather than in technologies that…
EIA lowers crude oil price forecast through 2016
Amid high uncertainty in the global oil market, EIA has lowered crude oil price forecasts, expecting West Texas Intermediate crude oil prices to average $49 per barrel (b) in 2015 and $54/b in 2016, $6/b and $8/b lower than forecast…
Unplanned refinery outage leads to higher Midwest gasoline prices
On August 8, the BP refinery in Whiting, Indiana, the largest petroleum refinery in the Midwest, experienced an unplanned outage and was forced to reduce production. The BP Whiting refinery has a crude oil distillation unit (CDU) capacity of 413,500…
