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Gasoline Prices Forecast To Fall

January 9, 2014 State of Idaho, State of Montana, State of Wyoming No Comments
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The federal government is forecasting cheaper gasoline prices over the next two years.  Jonathan Cogan of the US Energy Information Administration says oil production over the next two years is expected to grow to its highest level since the early 1970s.  He says oil output increased by 1 million barrels per day in 2013…and is expected to repeat that growth rate during 2014… according to the new forecast from the U.S. Energy Information Administration. U.S. crude oil production is forecast to average 8.5 million barrels per day this year and then rise to 9.3 million barrels per day in 2015. That, he says would be the highest yearly oil output since 1972, and just 300,000 barrels per day below the all-time production high of 9.6 million barrels per day set in 1970. Says Cogan:  “Most of the oil production growth will come from increased drilling in the shale formations in North Dakota, Texas and New Mexico. U.S. oil production is expected to help increase global oil output from non-OPEC countries by a record 1.9 million barrels per day during 2014.” Currently, lower priced oil from formations in Canada have been keeping gasoline prices in the Rocky Mountain States among some of the lowest in the country.

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