EIA: carbon fees to decrease emissions by 2050
According to analysis from EIA, carbon fees as high as US$35/t could decrease CO2 emissions in the US by as much as 19% in 2050, compared to 2020 levels.
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According to EIA, as a result of several US refinery closures in 2020, US operable atmospheric crude oil distillation capacity dropped 4.5% to a total of 18.1 million bpd at the start of 2021.
According to EIA, although demand has increased for distillate, gasoline and jet fuel from their 2020 lows, the extent of the demand growth has differed by product.
In its June ‘Short-Term Energy Outlook’ (STEO), the EIA forecasts that rising global production of petroleum and other liquid fuels will limit price increases for global crude oil benchmarks.
According to the EIA, exports of fuel ethanol fell in the US for the second year running.
According to the EIA, the record-breaking cold snap which hit the US in February 2021 caused the largest monthly declines on record for natural gas production and industrial sector consumption, while residential sector consumption reached a record high.
The US Energy Information Administration reports that US imports of biomass-based diesel grew 12% in 2020 to more than 31 000 bpd.
According to EIA analysis, planned refinery outages during the 2Q21 are unlikely to cause a significant shortfall in the supply of petroleum products in the US, particularly in transportation fuels including gasoline, jet fuel, and distillate fuel.
EIA reports that China’s refineries processed more crude oil than US refineries for most of 2020.
The US Energy Information Administration expects the US – a net exporter of petroleum in 2020 – to return to being a net petroleum importer on an annual basis in both 2021 and 2022.
