According to the Dept of Energy's Energy Information Administration (DOE EIA), the short term drop in gas prices will last for a few months. But the long term prediction is for higher prices.
The drop in crude oil prices over the past month has led to some short term relief at the gas pump. But crude oil should increase again next year for an average of $124 per barrel. The EIA predicts gas prices will average $3.65 for the remainder of the year, but will average $3.82 for 2009. Diesel will show a similar pattern, goving from $4.18 this year to an average of $4.72 for next year.
See the EIA's "Short-Term Energy Outlook."
Wednesday, August 13, 2008
Short Term Gas Price Drops Will Not Turn Into Long Term Relief
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1 comment:
Well, now that it is down below $100 per gallon, a lot is hoping that there would also be decrease in price of other commodities. Those products when the price of oil was rising, had their prices increasing along side with it as well. But, it pays to be a little thrifty still nowadays.
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