In 2021, the United States returned to importing more petroleum (which includes crude oil, refined petroleum products and other liquids) than it exports following its historic shift to being a net exporter of petroleum in 2020. According to the U.S. Energy Information Administration’s (EIA) February 2022 Short-Term Energy Outlook (STEO), the agency expects net crude oil imports to increase, making…
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U.S. Energy Information Administration Releases Short-Term Energy Outlook
The U.S. Energy Information Administration’s Short-Term Energy Outlook (STEO) continues to reflect heightened levels of uncertainty as a result of the ongoing COVID-19 pandemic. Notably, the Omicron variant of COVID-19 raises questions about global energy consumption. U.S. real GDP declined by 3.4% in 2020 from 2019 levels.
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