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55 (Report only)
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- GENERAL OVERVIEW
- INSTITUTIONS AND ENERGY POLICY
- ENERGY SUPPLY
- ENERGY PRICES
- ENERGY CONSUMPTION
- ISSUES AND PROSPECTS
- DATA TABLES
- ABBREVIATIONS
- GLOSSARY
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Overview
This analysis includes a comprehensive United States energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
Highlights
- The US targets a 50-52% reduction in GHG emissions in 2030 compared to 2005 levels, carbon-free power generation in 2035, and net-zero GHG emissions in 2050.
- Ten large electricity companies own about 30% of the total capacity.
- Chevron is the country's biggest oil producer, ahead of ExxonMobil.
- The US is the largest producer of both oil and gas worldwide.
- Oil production recovered in 2023 with a 9% increase.
- Carbon-free sources reached almost 40% of the power mix in 2023 (+10 points since 2010), of which 22% are renewables.
- US energy prices are generally around 40-50% below the OECD average.
- Gasoline and diesel prices have decreased by 20% and 10%, respectively, in 2023.
- Total energy consumption has only partly recovered to its pre-Covid level in 2023.
- Coal consumption has decreased by 62% since its peak in 2007.
- LNG export capacities are expected to increase by more than 50% by 2026 and LNG export volumes to double by 2050.
- More than 40% of the coal-fired capacity will be retired by 2030, as well as almost 20% of the nuclear capacity by 2033.
- Renewables are planned to reach 40% of the power mix in 2030.
Institutions & Energy Policy
The Department of Energy (DoE) oversees the coordination of all the national activities concerning the production, regulation, management, and conservation of energy. The Office of Energy Efficiency and Renewable Energy is in charge of developing and promoting energy technologies that contribute to "sustainable" development.
Energy Supply
Gas:
Natural gas production has increased by 4%/year since 2020, reaching an all-time high value of 1084 bcm in 2023. This progression, which is in line with the pre-covid trend (5%/year between 2005 and 2019), is mainly driven by shale gas production, which went from 53 bcm in 2006 to 823 bcm in 2023 (76% of total gas production).
Energy Prices
Oil:
Driven by the crude oil price, average gasoline and diesel prices decreased in 2023, by 18% and 9%, respectively, reaching $1.1/l in 2023, after a 76% and 94% increase between 2020 and 2022.
Energy Consumption
Per capita consumption was around 6.5 toe/cap (including 12.1 MWh/cap of electricity) in 2023, which is more than 70% higher than the OECD average.
Issues & Prospects
Official EIA long-term forecasts (AEO- Annual Energy Outlook 2023, reference scenario) expect energy consumption to increase slightly until 2050 (0.2%/year). This is a smaller expectation compared to the last AEO (+0.9%/year) until 2050.