July 29

7/29 - The U.S. became a net oil exporter in 2023. We imported 8.5M barrels per day (bpd) of petroleum products last year, but we exported over 10M – of which 4M bpd was crude oil. Earlier this month, the U.S. Energy Information Administration (EIA) projected that U.S. crude oil output will reach a record-high 13.2M bpd in 2024 and jump to 13.8M in 2025. It was just 5M in 2007. On the usage side, The International Energy Agency expects global oil demand growth to peak in 2029 and begin declining in 2030. Meanwhile, world oil-production is forecast to increase, driven by producers in the U.S., Canada, and South America. The EIA projects that U.S. gasoline prices that were $3.50 per gallon in 2023, will average $3.40 in 2024 and $3.50 in 2025. Beyond that, a combination of rising production, and a renewables-driven decline in consumption, point to potentially lower fuel prices for 2026 and beyond.