Energy Information Administration Issues Short Term Energy Outlook Report

On August 11, 2015, the U.S. Energy Information Administration (EIA) released the Short Term Energy Outlook (STEO) report. The report outlined expectations for regular gasoline to average a retail price of $2.41 for all of 2015, with prices for the fourth quarter of 2015 averaging $2.11. Consistently low gasoline prices, in addition to the proposed Renewable Fuel Standard volumes that were announced on May 29, 2015, have resulted in the EIA forecasting that ethanol consumption will average about 900,000 b/d in 2015 and 2016, up from 878,000 b/d in 2014. Ethanol production is expected to remain near current levels of 935,000 b/d through 2015 and 2016. EIA found that solar and wind energy capacity is continuing to grow, with over half of electricity-generating units added online in the U.S. in 2015 utilizing renewable sources, mainly wind and solar.