Gas prices are climbing….
Natural Gas prices are rising….
Electric prices will follow….
The Keystone Pipeline cancelation….
Cutting coal production ….
President Biden is going to have to make some economic decision vs conservation Enviromental promises …
Talking about cutting fossil fuel’s have already caused spikes in their cost’s paid by Americans….
Less product means HIGHER energy costs for the consumer…
Oh, and Biden has to keep West Virginia Senator Manchin happy…..
Global liquid fuels inventories are expected to fall at a rate of 0.6 million barrels per day in 2021 and 0.5 million barrels per day in 2022.
U.S. regular gasoline retail prices were an average of $2.18 per gallon in 2020, down from $2.60 per gallon in 2019. The prices are expected to rise to an average of $2.40 per gallon in 2021 and $2.42 per gallon in 2022. U.S. diesel fuel prices are expected to rise to $2.71 per gallon in 2021 and to $2.74 per gallon in 2022. Diesel fuel prices fell to $2.55 per gallon in 2020, from $3.06 per gallon in 2019.
U.S. crude oil production is expected to fall to 11.1 million barrels per day in 2021 before rising to 11.5 million barrels per day in 2022. The production declined from the record level of 12.2 million barrels per day in 2019 to 11.3 million barrels per day in 2020.
“Recent crude oil price increases and rig additions will contribute to crude oil production in the lower 48 states, which is mostly tight oil production, beginning to rise again in the second quarter of this year,” said EIA Administrator Linda Capuano.
U.S. liquid fuels consumption fell by 12%, or by 2.5 million barrels per day, to 18.1 million barrels per day in 2020, from 2019. U.S. liquid fuels consumption is projected to rise to 19.5 million barrels per day in 2021 and to 20.5 million barrels per day in 2022, nearly equal to the 2019 level.
“In 2020, the United States exported more crude oil and petroleum products than it imported on an annual basis for the first time in EIA’s data series that dates back to 1949,” Capuano said. “EIA expects the United States to return to importing more crude oil and petroleum products than it exports on an annual basis in 2021 and 2022.”
NATURAL GAS RISE
Henry Hub natural gas spot prices are expected to rise to an annual average of $3.01 per million British thermal units in 2021, from $2.03 per million British thermal units in 2020. Capuano attributed the nearly $1 rise to reduced natural gas production, and this will lead to reduced natural gas use in the electric power sector as other fuel sources become more competitive. The prices are projected to increase to $3.27 per million British thermal units in 2022….