The U.S. power sector is expected to produce more electricity in 2024 than last year, after the nation experienced its fourth-hottest summer on record, the U.S. Energy Information Administration said Tuesday.
Meanwhile, gasoline prices are expected to decline by nearly 6 percent from 2023 to this year, the agency said in its latest short-term energy outlook. The findings came as Brent crude oil, the global benchmark, settled Tuesday at $69.19 — the lowest level in nearly three years.
EIA said it expected Brent prices to move above $80 a barrel this month, however.
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“We expect that oil prices will be pushed upward in the coming weeks and months as global oil consumption outpaces production,” said EIA Administrator Joe DeCarolis in a statement.
