At a White House press conference held by press secretary Karine Jean-Pierre this week, Jean-Pierre stressed that the Biden administration “will continue to work with all producers and consumers … to ensure that energy markets support economic growth and … lower prices for the American consumer.” “.
“The main focus of this president is the American people,” Jean-Pierre told the news conference.
“That’s what the president will continue to focus on … how we can lower prices for the American people,” Jean-Pierre added.
“That’s why the Inflation Reduction Act is so important, when you think about energy security. That’s why a lot of the others, like the CHIPS and Science Act, all the other bipartisan infrastructure legislation, those historic pieces of legislation are so critical and important,” Jean-Pierre continued.
At the briefing, the White House press secretary noted that US oil production “is on track to break an all-time record this year.”
According to the latest US Energy Information Administration (EIA) Short-Term Energy Outlook (STEO), which was released in early March, US crude oil production will reach 12.44 million barrels newspapers this year. Of that figure, the Lower 48 States are expected to produce 10.15 million barrels per day, while the Federal Gulf of Mexico and Alaska are expected to produce 1.87 million barrels per day and 0.42 million barrels per day, respectively, the STEO shows.
U.S. oil production is expected to reach 12.63 million barrels per day in 2024, according to the STEO, which noted that the country’s oil production was 11.88 million barrels per day in 2022.
The EIA’s latest STEO projects the US retail gasoline price to be $3.36 per gallon in 2023 and $3.11 per gallon in 2024. It averaged $3.97 per gallon in 2022, the STEO emphasized.
“Our US gasoline inventory forecast for February and June 2023 reflects increased refining activity and gasoline production, as well as gasoline consumption remaining below previous levels to the pandemic,” noted the March STEO.
“While we expect distillate refining margins to remain higher than gasoline refining margins, the limited ability of refineries to change their product yields will keep gasoline inventories within the 2018-2022 range from April to the end of the forecast,” he added.
“We expect rising gasoline inventories, coupled with falling crude oil prices, to gradually moderate gasoline prices over the forecast period. We forecast retail gasoline prices to average 3.20 dollars per gallon in the fourth quarter of 2023, down more than 30 cents per gallon from 4Q22, and to decline further to an average of about $3.10 per gallon in 2024,” STEO continued .
According to the website AAA Gas Prices, as of April 6, the average price of regular gasoline in the US is $3.55 per gallon. Yesterday’s average price was $3.52 per gallon, last week’s average was $3.48 per gallon, one month’s average was $3.40 per gallon, and this week’s average was last year it was $4.16 per gallon, the AAA site shows.
In June of last year, the US Department of Energy (DOE) confirmed that Energy Secretary Jennifer M. Granholm led an in-person meeting with CEOs and executives from seven major US oil companies at DOE headquarters on the morning of June 23.
“The secretary made clear that the administration believes it is imperative that companies bring supply online to get more gas to the pump at lower prices,” the DOE said in a statement from the organization at the time.
“He reiterated that the President is prepared to act quickly and decisively, using the tools at his disposal as appropriate, with reasonable recommendations,” the DOE added in the statement.
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