What's New
March 21, 2025
While West Texas Intermediate (WTI) oil prices have slipped nearly $3.50 a barrel since January—hovering uncomfortably around $68—New Mexico lawmakers just gave oil producers something else to stew over: higher royalty rates.
February 21, 2025
As of January 1, 2025, state taxes and fees on gasoline and diesel fuel averaged $0.33 per gallon (gal) of gasoline and $0.35/gal of diesel fuel, according to our table on federal and state motor fuel taxes. Since July 2024, average taxes on both gasoline and diesel have remained nearly flat, increasing less than half of one cent each.
January 21, 2025
Oil prices dropped ahead of Donald Trump's first day back in office, with expectations of a stronger dollar and a delay to his tariff threats both boosted bearish sentiment.
December 23, 2024
Crude oil production in the U.S. Lower 48 (L48) states, which excludes Alaska and offshore production, reached a record 11.3 million barrels per day (b/d) in November 2024, according to our estimate in the latest Short-Term Energy Outlook (STEO) published on December 10.
November 21, 2024
Oil prices took the bumpy road upwards today, proving once again that global crude markets lack stability.
October 4, 2024
We expect distillate fuel oil consumption to increase in the fall as diesel-powered agricultural equipment is used to harvest and transport crops.