U.S. Vitality Secretary Chris Wright discusses falling nationwide common gasoline costs underneath President Donald Trump, emphasizes the necessity for dependable power within the face of recent calls for like AI and extra on ‘Kudlow.’
Oil and gasoline costs are anticipated to say no subsequent yr, in keeping with the newest forecast from the Vitality Info Administration (EIA).
The EIA printed its November Brief-Time period Vitality Outlook final month, which projected that the worth of Brent crude oil will decline from $69 a barrel in 2025 to $55 a barrel subsequent yr. That may be effectively under the $81 per barrel that prevailed in 2024.
Gasoline costs are additionally projected to proceed their decline into subsequent yr. Retail gasoline costs averaged $3.30 a gallon in 2024 and are at $3.10 a gallon this yr, however are projected to say no additional to $3 a gallon in 2026, in keeping with the EIA’s report.
U.S. manufacturing of crude oil picked up this yr and is predicted to stay on the stage in 2026, with the EIA discovering the U.S. produced 13.2 million barrels per day in 2024. The company projected crude oil manufacturing shall be 13.6 million barrels per day this yr – the identical as in 2026.
GAS PRICES DROP BELOW $3 NATIONWIDE AS TRUMP SAYS $2 GAS WITHIN REACH
Gasoline and crude oil costs are projected to say no subsequent yr, in keeping with the EIA’s outlook. (Zeng Hui/Xinhua by way of Getty Photos)
Pure gasoline costs are anticipated to proceed to rise after a notable enhance this yr. The pure gasoline value at Henry Hub was $2.20 per million British thermal models (BTUs) in 2024 and rose to $3.50 this yr, whereas the EIA forecasts its rise will proceed to $4 in 2026.
Lately, the U.S. has grow to be the world’s largest exporter of liquefied pure gasoline (LNG), holding the highest place in 2023 and 2024, and export ranges have continued to rise.
EIA famous that the U.S. exported 12 billion cubic ft per day of LNG final yr, with that determine rising to fifteen billion cubic ft per day in 2025 and 16 billion cubic ft per day subsequent yr.
OIL AND GAS DEMAND COULD GROW UNTIL 2050, IEA SAYS
The U.S. led the world in LNG exports in 2023 and 2024, with the export quantity projected to rise this yr and subsequent. (Stefan Sauer/image alliance by way of Getty Photos)
The EIA’s report additionally broke down the share of electrical energy technology by supply throughout the U.S., which confirmed pure gasoline as the most important supply with a 40% share in 2025 and 2026, down barely from 42% a yr in the past.
The share of electrical energy generated by renewables – a class which incorporates hydropower, photo voltaic, wind, geothermal and biomass – accounted for 23% in 2024 and has been on an upward pattern, with EIA placing its 2025 share at 24% and forecasting an increase to 26% subsequent yr.
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Microsoft is reopening the shuttered Three Mile Island nuclear energy plant to assist meet rising power demand on account of AI knowledge facilities. (Heather Khalifa/Bloomberg by way of Getty Photos)
Nuclear energy’s share of the facility combine decreased barely from 19% to 18% from 2024 to 2025, whereas it is anticipated to carry regular at 18% subsequent yr.
Coal’s share of whole electrical energy technology has additionally been comparatively flat, with EIA reporting it was at 16% final yr, 17% in 2025, and projecting a return to 16% subsequent yr.
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The report additionally touched on emissions of carbon dioxide (CO2), which rose barely from 4.8 billion metric tons in 2024 to 4.9 billion metric tons this yr. EIA forecasts it’s going to return to 4.8 billion metric tons subsequent yr.
