Expect High Gas and Heating Prices Through 2006
Expect High Gas and Heating Prices Through 2006 |
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Expect High Gas and Heating Prices Through 2006
People may have to get used to high gasoline and heating costs since tight energy markets are projected through 2006, industry and government officials said Friday. Howard Gruenspecht, deputy administrator of the Energy Information Administration, said average gasoline prices are likely to be higher next year, although not as high as in the aftermath of the hurricanes that disrupted supplies from the Gulf Coast region. He said that the EIA, the Energy Department's statistical agency, has revised upward its expectations of crude oil prices over the next few years and that crude prices are not likely to decline much from current levels in 2006. "We don't see a big softening" in oil prices, said Gruenspecht. Crude oil has hovered around $60 a barrel and natural gas prices for delivery in January soared to nearly $15 a thousand cubic feet this week, although retreating somewhat Friday on the New York Mercantile Exchange. Natural gas cost about $7 a thousand cubic feet a year ago. While gasoline prices have dropped for nine straight weeks to a national average of about $2.15 a gallon, stocks of the motor fuel "are far below last year's levels" right now, which could contribute to tight gasoline supplies next year, he said. --More on Heating Prices-- |
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