EIA expects lower gasoline prices for U.S. drivers

Jan. 8, 2014 at 8:23 AM

WASHINGTON, Jan. 8 (UPI) -- The U.S. Energy Information Administration said the average price for a gallon of regular unleaded gasoline should decline steadily for the next two years.

EIA, the statistical arm of the Energy Department, said the average retail price for a gallon of regular unleaded gasoline was $3.32 as of Monday, a price 3 cents higher than the same time last year.

Nevertheless, EIA said average gasoline prices in the United States should experience a steady decline. In a short-term energy report published Tuesday, EIA said the annual retail price for a gallon of regular unleaded gasoline in 2013 was $3.51. That average price is expected to decline further to $3.46 this year and to $3.39 in 2015.

In terms of U.S. crude oil production, EIA said the 2013 average of 7.5 million barrels per day was 1 million bpd higher than the previous year.

"Projected domestic crude oil production continues to increase to 8.5 million bpd in 2014 and 9.3 million bpd in 2015," EIA said. "The 2015 forecast would mark the highest annual average level of production since 1972."

New drilling technology used in shale formations has uncorked oil and gas deposits that were previously inaccessible to U.S. energy explorers.

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