Global oil supply is forecast to continue to exceed demand through the end of next year, boosting global oil inventories.”]
Despite the large decline in crude oil prices since June 2014, this May’s estimated oil output in the United States is the highest for any month since 1972, but production still is expected to decline in the second half of this year.
Even with slower oil production growth, U.S. net oil imports in 2016 are expected to meet the smallest share of domestic petroleum and other liquid fuels demand since 1969.
The United States will likely produce and import more biomass-based diesel fuel over the next two years if newly proposed federal renewable fuel standard targets are issued as final rules.
U.S. monthly average pump prices are expected to decline from their May level through the rest of this year.
Despite increases in vehicle fuel efficiency, U.S. gasoline consumption is up because more people are working and gasoline prices are low.
U.S. natural gas production is expected to reach a record in July.
Consumers will pay higher power bills to stay cool this summer because temperatures are forecast to be warmer than last year and retail electricity prices will be up in most areas of the country.
The typical household will pay $412 for electricity this summer, which is 4.8% more than last summer.
Coal consumption by the U.S. electric power sector is expected to decline 7% this year as lower natural gas prices make gas a more attractive fuel for generating electricity.
About Tracey Smith Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.