April 2022, Vol. 249, No. 4


Short-Term Energy Outlook Heavily Influenced by Russia’s Invasion

By Energy Information Administration (EIA)  EIA’s March Short-Term Energy Outlook (STEO) addresses heightened levels of uncertainty resulting from a variety of factors, including Russia’s further invasion of Ukraine.  The STEO assumes U.S. gross domestic product (GDP) will grow by 3.6% in 2022 and by 2.7% in 2023, after growing by 5.7% in 2021.   Global macroeconomic assumptions in our forecast are from Oxford Economics and include global GDP growth of 4.3% in 2022 and 4.0% in 2023, compared with growth of 5.9% in 2021. These GDP forecasts were completed in mid-February. The rest of the forecast was completed on March 3 and accounts for available information to that point.   A wide range

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