Energy Forecasts for 2024: What You Need to Know

As we continue to venture through the bustling year of 2024, the energy scene is set to undergo considerable shifts, according to the latest Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration (EIA). For energy professionals and stakeholders, understanding these forecasts is going to be critical for strategic planning and decision-making for this year and beyond.

At Lanair, we have a proven track record of providing significant energy cost savings and employee comfort with our waste oil heaters. With expected fluctuations in energy consumptions and prices, it’s more important than ever to start planning around your budget.

Here’s a snapshot of what to expect in the coming year:

Natural Gas: The EIA expects natural gas prices to rise to around $2.90 per MMBtu in the second half of 2024, a 38% change increase from the first half of the year.

For Lanair customers, this means higher costs for natural gas heating. Investing in waste oil heaters can offer substantial cost-savings. By converting waste oil into heat, you bypass the increasing expenses of natural gas, while also avoiding the costs associated with oil disposal.

Crude Oil: Despite a recent fall in crude oil prices, the EIA projects that they will rise by the end of the year due to declining global inventories and production cuts. This could lead to increased costs for businesses that rely heavily on oil for heating.

Lanair’s waste oil heaters are a great economical solution. By utilizing waste oil instead of paying for disposal, you can offset the rising costs of crude oil for heating.

Electricity: Residential electricity prices are continuing to increase. The EIA projects a 1% rise in residential electricity prices 2024, and another 1.8% annual increase in 2025. For those who rely on electric heating, these price increases could impact your bottom line.

Lanair’s waste oil heaters offer a cost-effective alternative, providing both immediate savings and long-term financial benefits.

What This Means for Lanair Customers

In light of these forecasts, Lanair’s waste oil heaters present a compelling solution for managing your heating costs in 2024 and beyond. By converting waste oil into heat, you can:

• Save on Heating Costs: Avoid the anticipated increases in natural gas and electricity prices by using waste oil as your primary heating source.
• Reduce Disposal Fees: Eliminate the costs associated with waste oil dumping, turning what would be an expense into a valuable resource for heating.
• Gain Environmental Benefits: Opt for a more sustainable heating solution that aligns with the growing emphasis on environmental friendliness.

2024 has already promised to be a dynamic year for the energy sector. With expected energy price increases and evolving environmental influence, staying ahead of these trends will be crucial for energy stakeholders aiming to maintain a competitive lead in an increasingly complex environment.

Use our calculator to estimate how much a waste oil heater could save your business: Savings Calculator.