West Texas Intermediate (WTI) crude oil prices have surpassed 2019 levels after having dropped significantly in 2020 when the market initially responded to the COVID-19 pandemic. As of September 17, 2021, however, U.S. crude oil production still remained approximately 2.5 million barrels per day (b/d) lower than its three-year peak in March 2020, and oil
Since mid-September 2020, propane prices at Mont Belvieu, Texas, the main U.S. hydrocarbon gas liquids (HGL) hub, have increased 120%, from $0.51 per gallon (gal) in the week ending September 11, 2020, to $1.12/gal in the week ending September 10, 2021 (Figure 1). Current propane wholesale prices are at their highest weekly average levels since
On August 30, 2021, the Monday before the Labor Day weekend, the regular gasoline retail price averaged $3.14 per gallon (gal) across the United States, an increase of 92 cents/gal (41%) from the same time in 2020 (Figure 1). In 2020, the average retail gasoline price on the Monday before Labor Day was at its
Summary Excerpt: Regular Gasoline Retail Price (Dollars per Gallon) 3.175 .. U.S. 3.077 … East Coast 3.095 …. New England 3.239 …. Central Atlantic 2.974 …. Lower Atlantic 3.036 … Midwest 2.840 … Gulf Coast 3.578 … Rocky Mountain 3.919 … West Coast 3.581 … West Coast less California States 4.217 …. California 3.519 ….
Hurricane Ida disruptions limit crude oil production and refining activity (9/9/2021)
On Sunday, August 29, Hurricane Ida made landfall near Port Fourchon, Loiusiana, as a Category 4 hurricane (sustained wind speeds of 130-156 miles per hour). As a result of the hurricane, at least nine refineries (approximately 2.3 million barrels per day [b/d] of refining capacity) shut down or reduced production. In addition, 96% of the crude oil production and 94% of the natural gas production in the U.S. federally administered areas of the Gulf of Mexico (GOM) were shut in, according to estimates by the Bureau of Safety and Environmental Enforcement. Several ports along the Gulf Coast, including the Louisiana Offshore Oil Port (LOOP), were closed. As of September 8, significant levels of refining and crude oil production remain shut in. Because of the shut ins related to Hurricane Ida, in the September Short-Term Energy Outlook (STEO), we revised down U.S. crude oil production and refinery runs from the August forecast. …