HVAC Breaking News

Aug. 15, 2005: High Oil Prices Push Other Fuel Costs Higher

WASHINGTON - Crude oil prices averaged $59 per barrel in July, and the U.S. Department of Energy's (DOE's) Energy Information Administration (EIA) now expects oil prices to average more than $59 per barrel for the entire third quarter, pushing up other fuel costs.

The EIA's latest Short-Term Energy Outlook anticipates oil prices exceeding $56 per barrel for the remainder of 2005 and throughout 2006, as worldwide spare production capacity is at its lowest level in three decades. The EIA projects that gasoline and diesel fuel prices will show increases of about 35 cents and 55 cents, respectively, for the 2005 driving season (April-September) relative to 2004 levels. These changes would result in increases in motor fuel prices for the third year in a row.

With heating oil prices going up, the EIA projects heating oil prices to be 16 percent higher this winter. Natural gas prices are also rising. The EIA expects spot prices for natural gas to average $8.50 per million cubic feet (mcf) in the fourth quarter, up from $7.86 per mcf in July, but prices are expected to moderate in 2006, averaging $7.34 per mcf.

Publication date: 08/15/2005

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.



Image Galleries

2015 HARDI Fly-In

Highlights from HARDI's Congressional Fly-In in Washington, D.C.


NEWSMakers: Clint Schreck

Clint Schreck, general manager, Columbus Worthington Air, Columbus, Ohio, discusses winning Angie’s List Super Service Award, how to handle online reviews, and much more.

More Podcasts


NEWS 05-25-15 cover

2015 May 25

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe


The EPA has approved several hydrocarbon (HC) refrigerants for HVACR applications. Do you support the use of HCs?
View Results Poll Archive


2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con