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June 7, 2022 - The U.S. Energy Information Administration (EIA) forecasts that a variety of U.S. energy prices will remain historically high through 2023, including oil, natural gas, coal, and electricity, according to EIA’s June 2022 Short-Term Energy Outlook (STEO). “We continue to see historically high energy prices as a result of the economic recovery and the repercussions of Russia’s full-scale invasion of Ukraine,” said EIA Administrator Joe DeCarolis. “Although we expect the current upward pressure on energy prices to lessen, high energy prices will likely remain prevalent in the United States this year and next.” EIA forecasts that high natural gas and coal prices will result in an increased share of renewables in U.S. generation, largely offset by a decline in coal’s share. Wind and solar generation will likely contribute more than 11% of U.S. electricity this summer, after providing less than 10% in the summer of 2021. The natural gas share is forecast to decline over the next two years although at a slower rate than coal. Key takeaways from the STEO forecast include:
The entire Short-Term Energy Outlook is available on the EIA website. |
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