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U.S. Crude Oil Production Forecast Expected to Reach Record High in 2018

July 31, 2017 - in Energy, Oil & Gas

In EIA’s latest Short-Term Energy Outlook (STEO), total U.S. crude oil production is forecast to average 9.3 million barrels per day (b/d) in 2017, up 0.5 million b/d from 2016. In 2018, EIA expects crude oil production to reach an average of 9.9 million…

Retail Price of Regular Gasoline Forecast to Average $2.38 Per Gallon this Summer

July 18, 2017 - in Energy, Oil & Gas

In the latest Short-Term Energy Outlook (STEO), EIA forecasts that the U.S. retail price for regular gasoline will average $2.38 per gallon (gal) this…

U.S. Petroleum Refinery Capacity Continues to Increase

July 17, 2017 - in Energy, Oil & Gas

As of January 1, 2017, U.S. operable atmospheric crude distillation capacity reached 18.6 million barrels per calendar day (b/cd), 1.6% higher than at…

U.S. Petroleum Refinery Capacity Continues to Increase

July 13, 2017 - in Energy, Oil & Gas

As of January 1, 2017, U.S. operable atmospheric crude distillation capacity reached 18.6 million barrels per calendar day (b/cd), 1.6% higher than at the beginning of 2016, according to EIA's annual Refinery Capacity Report. This increase in operable capacity…

IEA Study Unveils Key Role for Trucks in Global Oil-Demand Growth

July 7, 2017 - in Energy, Oil & Gas

Improving the efficiency of road-freight transport is critical to reducing the growth in oil demand, carbon emissions and air pollution over the next decades, according to the International Energy Agency’s latest report, The Future of Trucks: Implications…

Deep Well Services Achieves API Q2 Certification

July 6, 2017 - in Energy, Oil & Gas

ZELIENOPLE, Pa. – Deep Well Services (DWS) joined an elite group in the oil and gas industry by attaining the American Petroleum Institute (API) Specification Q2 certification for drilling service providers and the ISO 9001:2015 Quality Management Systems…

U.S. Exports of Crude Oil and Petroleum Products Have More Than Doubled Since 2010

June 28, 2017 - in Energy, Oil & Gas

U.S. crude oil and petroleum product gross exports have more than doubled over the past six years, increasing from 2.4 million barrels per day (b/d) in 2010 to 5.2 million b/d in 2016. Exports of distillate, gasoline, propane, and crude oil have all increased,…

Growing Octane Needs Widen the Price Difference Between Premium and Regular Gasoline

June 23, 2017 - in Energy, Oil & Gas

The difference between U.S. average retail prices for premium and regular gasoline reached 50 cents per gallon in late 2016, and it has remained near that level so far in 2017. This price difference, or spread, has been generally increasing since 2000. Many…

Global Oil Markets Expected to Tighten in Third Quarter 2017, then Loosen Through 2018

June 19, 2017 - in Energy, Featured, Oil & Gas

Forecast world production of crude oil and other liquids in 2017 and 2018 was revised slightly downward in the June edition of EIA’s Short-Term Energy Outlook (STEO), which was issued after the May 25 announcement by the Organization of the Petroleum Exporting…

Reporting Oil Companies’ Proved Reserves in 2016 Decline for Second Consecutive Year

June 13, 2017 - in Energy, Oil & Gas

Annual reports of 68 publicly traded oil companies indicated that their aggregate proved liquids reserves declined in 2016 for the second consecutive year. The decline in proved reserves was heavily concentrated in a few companies that reduced their estimated…