Energy Dept. says Gas expected to stay around $4 a gallon through next year

[Divine Discontent]

Source: msnbc.com

breaking

No link yet.

[LeftCoast]

1. Well, it hit $4.70 at the station near my house. I'd be happy if it stays under $5 at this point.

I'm going car shopping today for something a lot more fuel efficient.

[Divine Discontent]

2. I certainly don't blame you - this country is experiencing a major sell off...

I'm sure you're not driving an F-250 or a Hummer, but there are literally hundreds of thousands of giant pieces of steel being plopped onto car dealer's lots, sometimes at major losses to the owner, because of this horrible manipulation of the price of oil, and use from the invasion force. I wonder how much oil it takes to keep one fleet of ships and support vehicles and planes going...

New Obama & anti-McSame items weekly!
www.cafepress.com/warisprofitable

[Rassah]

3. Phewh!

Really good news I guess. I was worried it would hit $5 this summer. I doubt it will ever go down again though.

[dipsydoodle]

4. Maybe they meant $4 / litre.

:shrug:

[global1]

5. OK - How Can They Make That Prediction?..........

if the oil markets are not being manipulated - how can they say that 'gas is expected to stay around $4 per gal?

We are being hosed big time and we keep bending over.

[Indenturedebtor]

7. They can't reliably make it

But it's based on projected supply and demand. Also I'm sure it now takes greater stock in the potential commodities pricing fluctuations blah blah. But they've been wrong before.

[brentspeak]

6. Mission Accomplished.

[boomerbust]

8. Dow

headed below 12000. OUCH!!!

[orleans]

9. i'm guessing it will hit around five dollars by the end of july. n/t

[droidamus2]

10. Energy Department???

Maybe we should just rename it the 'OIL' Department since that's all they seem interested in.

[Divine Discontent]

11. LINK

http://www.msnbc.msn.com/id/25096716/

WASHINGTON - Motorists can expect gasoline prices around $4 gallon through next year, the Energy Department said Wednesday, with oil prices staying well above $100 a barrel.

Crude oil prices are likely to average $126 a barrel in 2009, $4 higher than this year, as oil supplies and demand are expected to remain tight, Guy Caruso, head of the department’s Energy Information Administration, told a House hearing.

Gasoline prices are likely to peak at $4.15 a gallon in August and won’t go down much after that, the agency projected in a report. Gasoline was forecast to average $3.92 a gallon through 2009.


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[high density]

12. The energy department has no clue

In 2007 they released a report indicating oil wouldn't be $100/bbl until 2030. International Energy Outlook 2007, page 30

"The world oil price cases in this report are the same as those in EIA’s Annual Energy Outlook 2007. In the reference case, world oil prices decline from $68 per barrel in 2006 to $49 per barrel in 2014, then rise to $59 per barrel in 2030 ($95 per barrel on a nominal basis)."