New Energy Forecasts Good for Consumers, Not So Good for Producers

24/7 Wall St.

Offshore drill rigThe U.S. Energy Information Administration (EIA) today released the latest version of its Short-Term Energy Outlook, and the agency made some changes to its previous forecasts. The EIA now expects WTI spot prices to average $93.17 a barrel for the year, down from $94.12 in 2012, and Brent spot prices are now forecast to average $105.89 a barrel, down from $111.65 last year.

Regular gasoline prices are forecast to average $3.50 a gallon, down from an average of $3.63 a gallon last year. The agency says that over the summer driving season (April to September), gasoline prices will average $3.53 a gallon, a dime lower than last month’s estimate. For 2014, the EIA now estimates an average gasoline price of $3.39 a gallon.

U.S. consumption of motor gasoline is expected to decline slightly compared with last year. The current estimate calls for consumption of 8.68 million barrels a day, compared…

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