The Michigan Public Service Commission’s 2024-2025 Winter Energy Appraisal, released on Dec. 5, forecasts a rise in electricity demand among residential and commercial customers. While natural gas demand for residential heating is expected to remain steady, overall demand is projected to rise due to higher usage for electricity generation. Overall electricity demand is projected to…...
Average U.S. crude oil production hit a record high of 13.4 million barrels per day (b/d) during August 2024, according to a Nov. 26 report from the U.S. Energy Information Administration. U.S. crude oil production during August 2024 surpassed production during December 2023, when the previous monthly record of 13.3 million b/d was achieved. The…...
The retail price of regular gasoline, on the Monday before Thanksgiving averaged $3.04 per gallon (gal) across the U.S., down seven percent compared to the same time during 2024, according to a Nov. 27 report published by the U.S. Energy Information Administration. Heading into the Thanksgiving weekend, retail gasoline prices are at their lowest level…...
U.S. petroleum coke, or petcoke, production on an annual basis remained relatively flat over the last decade (2014-2023) and averaged 46 million tons, according to an Nov. 14 report published by the U.S. Energy Information Administration. The majority of the petroleum coke produced in the U.S. is exported. During 2023, the U.S. exported around 41…
The California Air Resources Board on Nov. 8 announced updates to its Low Carbon Fuel Standard, or LCFS, program that would speed up the decarbonization of the state’s transportation sector by increasing clean fuel and transportation options for consumers. The updated LCFS sets new targets to reduce the carbon intensity of transportation fuel by 30…...
The U.S. Energy Department on Nov. 8 announced that 200 million barrels of crude oil have been delivered or contracted at an average price of $74.75 per barrel with the conclusion of the latest solicitation to procure 2.4 million crude oil barrels for the Strategic Petroleum Reserve, or SPR. The Biden administration’s aggressive buyback strategy…...
The California Air Resources Board on Oct. 30 signed a deal with Airlines for America (A4A) to significantly increase the use of sustainable aviation fuel, or SAF, for Californian flights. The historic agreement between the two organizations will work towards California’s goal to ramp up the supply of SAF to 200 million gallons by 2035,…...
U.S. crude oil imports from Canada reached a record high of 4.3 million barrels per day (b/d) during July 2024, according to an Oct. 30 report published by the U.S. Energy Information Administration. The increase in U.S. crude imports can be attributed to the expansion of Canada’s Trans Mountain pipeline. Capacity at the Trans Mountain…...
The U.S. Interior Department and the Office of Surface Mining Reclamation and Enforcement on Oct. 24 announced over $244 million funding for fiscal year 2024 to address hazardous and polluting abandoned mine lands, create jobs, and facilitate economic opportunity in Pennsylvania’s coal communities. This marks the largest annual state allocation under the Abandoned Mine Land,…...
Pipeline companies have completed four new petroleum liquids pipelines projects across the U.S. since 2023, according to an Oct. 21 report published by the U.S. Energy Information Administration. The new pipeline projects consist of three crude oil and one hydrocarbon gas liquids. The South Bend Pipeline was completed during 2023 and is a 150,000 barrel…...
The U.S. Energy Department on Oct. 16 announced conditional commitments for loan guarantees totaling almost $3 billion for two sustainable aviation fuel companies. Montana Renewables received a $1.44 billion conditional commitment from the department to expand its renewable fuels site in Great Falls. Gevo Net-Zero 1 received $1.46 billion in a conditional commitment from the…...
Global refinery margins for petroleum refiners are declining, which has led to lower financial profitability from selling petroleum products and refining crude oil, according to an Oct. 15 report published by the U.S. Energy Information Administration. The reduction in refinery margins can be attributed to relatively low demand for petroleum products, despite the agency’s projection…...