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January 20, 2017

Energy Information Administration Issues Short-Term Energy Outlook Report

Lauren M. Graham, Ph.D.

On January 10, 2017, the U.S. Energy Information Administration (EIA) released the Short-Term Energy Outlook (STEO) report, which includes forecasts for 2018.  The report outlines expectations for regular gasoline to average a retail price of $2.38 for 2017, with prices for the first quarter of 2017 to average $2.31.  The finalized RFS volumes that were announced on November 23, 2016, resulted in EIA forecasting that ethanol consumption will average about 940,000 barrels per day (b/d) in 2017 and 950,000 b/d in 2018.  Based on this level of consumption, the ethanol share of total gasoline is expected to average about ten percent in 2017 and 2018.  Ethanol production is forecast to average about 1.0 million b/d in 2017 and 2018.