U.S. Energy Information Administration Acting Administrator Howard Gruenspecht issued the following comments on EIA's August 2017 Short-Term Energy Outlook that was released on Tuesday
August 8, 2017 (Investorideas.com Newswire) U.S. Energy Information Administration (EIA) - Oil Markets: "The forecast calls for U.S. oil production rising over the next two years, with oil output heading for an all-time high of just over 9.9 million barrels per day in 2018, surpassing the old record set in 1970."
"U.S. oil production growth could slow as some U.S. energy companies plan less investment spending for the rest of this year and the number of drilling rigs has recently increased at a slower clip."
"The monthly increase in U.S. onshore oil production during the second half of 2017 is expected to slow from the pace seen during the first six months of this year."
"U.S. consumers are buying record amounts of gasoline this summer, even though pump prices are higher than last year."
"A growing economy and more people working are major contributors to higher gasoline consumption this summer."
"U.S. natural gas production growth is expected to accelerate over the next two years with growth rates over 2% in 2017 and over 5.5% in 2018."
"Forecast record natural gas production in 2018 coincides with an expected rise in electricity generation from natural-gas fired power plants and a 23% increase in U.S. natural gas exports.
"Looking ahead to the start of the upcoming winter heating season, U.S. natural gas inventories are forecast to total just over 3.9 trillion cubic feet at the end of October, about 2.9% less than last year's record level."
"U.S. electricity generation is expected to decline in 2017 for the third year in row, as forecast milder temperatures in the third quarter compared to the same period a year earlier reduces electric cooling demand."
"Coal-fired power plants are expected to be the leading source of U.S. electricity for the next two years, as the cost of coal is expected to rise by less than the cost of natural gas and renewable generation continues to grow."
"U.S. coal production is getting a boost in 2017 from higher coal exports and more coal-fired electricity generation."
"U.S. wind power, which provided 6% of total U.S. electricity in 2016, is expected to have a 9% generating capacity increase this year and another 16% in 2018."
"Solar power, which provided 1% of total U.S. electric generation in 2016, is expected to see the largest rate of growth in utility-scale electricity generating capacity of any energy source, increasing 36% this year and more than 10% in 2018."
The full STEO can be downloaded at: http://www.eia.gov/forecasts/steo/
STEO contact: Tim Hess, 202-586-4212 (email@example.com)
Media contact: Jonathan Cogan, 202-586-8719 (firstname.lastname@example.org)
U.S. Energy Information Administration (EIA)
U.S. Department of Energy (DOE)
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