Above-average hurricane activity disrupted U.S. energy infrastructure in 2024
The 2024 Atlantic hurricane season, which ran from June 1 through November 30, exhibited above-average activity with more named storms and hurricanes than usual, including several that disrupted U.S. energy infrastructure, primarily on the Gulf Coast and in the Southeast. Energy impacts from hurricanes this season were most notable in electricity markets, although Hurricanes Francine, Helene, and Rafael forced some oil and natural gas production from fields in the Gulf of Mexico to be shut in.
Improving well productivity helps U.S. oil companies increase production at a lower cost
Second-quarter 2024 financial results for 34 publicly traded U.S. oil exploration and production (E&P) companies suggest increasing well productivity is helping these companies reduce production costs on a per barrel basis and freeing up cash for other uses such as dividends and share repurchases.
Five states drove record U.S. natural gas production in 2023
Five states produced more than 70% of the record 113.1 billion cubic feet per day (Bcf/d) of U.S. marketed natural gas production in 2023. Texas accounted for 28% of U.S. marketed natural gas production in 2023, according to our Natural Gas Monthly, followed by Pennsylvania (18%), Louisiana (10%), West Virginia (8%), and New Mexico (8%). Even though production slowed in 2024, output from these five states continued to make up most—73%—of marketed U.S. natural gas this year.
U.S. share of electric and hybrid vehicle sales reached a record in the third quarter
The share of electric and hybrid vehicle sales in the United States increased again in the third quarter of 2024 (3Q24), reaching a record. Combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) increased from 19.1% of total new light-duty vehicle (LDV) sales in the United States in 2Q24 to 21.1% in 3Q24, according to estimates from Wards Intelligence.
Intensified Coastal Hazards from Climate Change on U.S. Southeast Coast
While previous research has largely focused on flooding, the new study highlights additional threats such as groundwater hazards, land subsidence, and beach erosion. These hazards, often underappreciated in climate discussions, will be amplified by sea levels projected to rise by one meter over the next century. The study estimates that up to 70% of coastal residents and $1 trillion in property could face challenges from shallow and emerging groundwater. This risk is 15 times greater than the exposure to daily tidal flooding alone. Figure a, Coastal flooding (no storm), shallow groundwater exposure and erosion (unimpeded model case) for one meter
Small volumes of renewable diesel are now consumed on the U.S. East Coast
In 2024, the U.S. East Coast became a consistent destination for small volumes of renewable diesel as a few suppliers and local governments began offering or consuming the fuel. Because no renewable diesel is produced on the East Coast, suppliers and local governments are procuring their supply from a combination of imports and interregional U.S. shipments.
U.S. inventories enter the winter with the most natural gas since 2016
Working natural gas in storage in the Lower 48 states ended the natural gas injection season with 3,922 billion cubic feet (Bcf), according to estimates based on data from our Weekly Natural Gas Storage Report released on November 7. U.S. inventories are starting winter 2024–25 with the most natural gas since 2016. Inventories are currently 6% above the five-year (2019–23) average, despite less-than-average injections into storage throughout the entire injection season, which runs April 1 through October 31. Less natural gas than the five-year average was injected in nearly every week during the 2024 injection season, in part because starting
U.S. Movements of Crude Oil By Rail
(Fri, 29 Nov 2024) Monthly data on rail movements of crude oil have been updated for September 2024. Crude oil movements by rail have significantly increased during the past five years. The data on crude-by-rail (CBR) movements are also fully integrated with EIA’s existing monthly petroleum supply statistics, which already include crude oil movements by pipeline, tanker, and barge.
U.S. gasoline prices this Thanksgiving are at their lowest since 2020
On the Monday before Thanksgiving, the retail price of regular gasoline averaged $3.04 per gallon (gal) across the United States, 7% less than the same time last year. Retail gasoline prices this Thanksgiving are at their lowest since 2020, when the COVID-19 pandemic disrupted gasoline demand.
U.S. crude oil production established a new record in August 2024
An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record according to data from our Petroleum Supply Monthly. More crude oil was produced in the United States during August 2024 than during December 2023, when the previous monthly record of 13.3 million b/d was set.