The Annual Energy Outlook 2011 (AEO2011), prepared by the U.S. Energy Information Administration (EIA), presents long-term
projections of energy supply, demand, and prices through 2035, based on results from EIA’s National Energy Modeling System
(NEMS). EIA published an “early release” version of the AEO2011 Reference case in December 2010.
The report begins with an Executive summary that highlights key aspects of the projections. It is followed by a Legislation and regulations
section that discusses evolving legislative and regulatory issues, including a summary of recently enacted legislation and regulations,
such as a recently announced (October 13, 2010) EPA waiver, which allows the use of motor gasoline blends containing 15 percent
ethanol in newer vehicles (model year 2007 or later), or the 7-year moratorium on offshore drilling in the Atlantic and Pacific that
was announced by the U.S. Department of the Interior on December 1, 2010. The Issues in focus section contains discussions of
selected energy topics, including a discussion of the results in two cases that adopt different assumptions about the future course
of existing policies: one case assumes the extension of a selected group of existing public policies—corporate average fuel economy
standards, appliance standards, production tax credits, and the elimination of sunset provisions in existing energy policies; the other
case assumes only the elimination of sunset provisions. Other discussions include: a look at evolving environmental regulations that
affect the power sector; the economics of carbon capture and storage; prospects for shale gas production, including cost uncertainty
and its impact on decisions for new power plant builds, fuel use, and emissions; and the basis for world oil price and production
trends in AEO2011.

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