U.S. EIA Says Gas Prices Will Average $3.44 Per Gallon for Q4 2013
The U.S. Energy Information Administration (EIA) released its Short Term Energy Outlook (STEO) for this month.
The U.S. Energy Information Administration (EIA) released its Short Term Energy Outlook (STEO) for this month, which forecasts that the price for a gallon of regular, unleaded gasoline will average $3.44 for the fourth quarter of 2013. This price is 11 cents per gallon higher than in last month’s STEO report. In 2012, the annual average regular gasoline retail price was $3.63 per gallon, and the EIA expects it will be $3.55 per gallon in 2013 and $3.43 per gallon in 2014.
For the price of oil, the EIA stated that the monthly average crude oil prices increased for the fourth month in a row in Aug., 2013, due to supply disruptions in Libya and concerns over the conflict in Syria. The IEA forecasts a spot price for Brent crude averages $109 per barrel during the second half of 2013, and will average $102 per barrel in 2014, which is $5 per barrel and $2 per barrel higher, respectively, than forecast in last month’s STEO. The EIA’s projected West Texas Intermediate (WTI) crude oil prices will average $101 per barrel during the fourth quarter of 2013 and $96 per barrel during 2014.
U.S. crude oil production, on the other hand, increased to an average of 7.6 million bbl/d in August. This is the highest monthly level of production since 1989, according to the EIA. The EIA forecasts U.S. total crude oil production will average 7.5 million bbl/d in 2013 and 8.4 million bbl/d in 2014, which is about 0.1 million bbl/d and 0.2 million bbl/d higher, respectively, than forecast in last month’s STEO.
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