![]() ![]() Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Still, gas prices are expected to stay much lower than last summer, when the national average for regular gas spiked above $5 a gallon for the first time ever. ![]() The EIA said retail gasoline prices are now expected to average $3.38 a gallon in the third quarter of next year and $3.21 a gallon for the fourth quarter, up by 7.3% and 10.2%, respectively. ![]() This will drive up prices for consumers, relative to where they would have been before OPEC’s latest moves. Oil prices are now expected to average $80 a barrel in the fourth quarter of next year, a 19.4% increase from the EIA’s prior forecast. The EIA boosted its forecast for US oil prices by 11.4% for the second quarter of next year and 14.5% for the third quarter. For gasoline, the EIA now sees retail prices averaging $3.41 a gallon during the third quarter, up by just 2.7% from the May forecast.īut the bigger impact will be felt in 2024. The near-term impact will be modest, according to the analysis, with the forecast for US and Brent oil prices rising by around 2% for the rest of the year, compared with the May forecast. The US Energy Information Administration dimmed its estimate of global oil production through 2024 because of Saudi Arabia’s decision to slash oil production and an agreement by OPEC+ to extend its output cuts.Ĭiting those supply cuts, the EIA said it expects “some upward pressure” on oil prices, “notably in late-2023 and early-2024.” Forecasters at the US Energy Department on Tuesday ramped up their forecasts for American oil and gasoline prices next year, citing new steps by Saudi Arabia and OPEC+ to restrain the supply of oil. ![]()
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