EIA sees fall in oil, gasoline prices through 2014
WASHINGTON D.C. -- The U.S. Energy Information Administration expects to see Brent crude oil and retail gasoline prices fall from their average 2012 levels this year and next. Brent crude-oil spot prices averaged $112 per barrel in 2012, the EIA said in its short-term energy outlook report. It forecast a fall to an average of $105 in 2013 and $99 in 2014.
EIA also said regular U.S. retail gasoline prices were set to fall from an average $3.63 a gallon last year to $3.44 this year and $3.34 in 2014. Total U.S. crude-oil production in 2012 rose 800,000 barrels to average 6.4 million barrels per day in 2012, the EIA said, forecasting a rise to 7.3 million in 2013 and to 7.9 million in 2014, which would be the highest annual average since 1988.
Dow Jones Newswires