HVAC Breaking News

Jan. 15, 2007: EIA Sees No Long-Term Drop in Energy Prices

WASHINGTON - Despite recent sags in the price of oil, gasoline, and natural gas, the U.S. Department of Energy’s (DOE’s) Energy Information Administration (EIA) is forecasting no long-term decrease in energy prices.

The EIA's latest Short-Term Energy Outlook notes that oil prices hovered around $60 per barrel during the fourth quarter of 2006, but still projects average prices above $64 per barrel for this year and next. With global oil demand expected to rise by 1.5 million barrels per day in 2007, demand will keep pressure on oil prices, but the EIA still projects an increase in spare production capacity among the members of the Organization of Petroleum Exporting Countries (OPEC). The EIA also warns of potential short-term volatility in oil prices.

Following the trends in oil prices, the average price for regular unleaded gasoline is currently averaging near $2.30 per gallon, but with growing demand, the EIA expects prices to steadily increase over the next few months, then hover around $2.40 to $2.70 per gallon. For natural gas, persistent warm weather in much of the United States has reduced the demand for the fuel, preventing a rise in prices. The spot price for natural gas averaged $6.97 per thousand cubic feet (mcf) in December, but the EIA expects natural gas prices to average $7.06 per mcf in 2007 and $7.72 per mcf in 2008.

Publication date: 01/15/2007

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

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

Multimedia

Videos

Image Galleries

2015 ACCA Conference

Images from the 2015 ACCA Conference in Grapevine, Texas. Posted on April 8, 2015.

Podcasts

NEWSMakers: Mark Crockett
Mark Crockett vice president, Crockett Facilities Services, explains the importance of technician training, the value of being a top minority-owned company in the U.S., current projects the company is managing, and much more. Posted on April 24.
More Podcasts

ACHRNEWS

NEWS 04-20-15 cover

2015 April 20

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Global Warming

Do you believe in man-made global warming?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
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.

DON'T MISS A THING

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

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con