Fuel Prices Projected to Stay Low

North Sea Brent crude oil prices averaged $31 per barrel in January, a $7 decrease from December and the lowest monthly average since December 2003. Brent crude oil prices averaged $52 per barrel in 2015, down $47 from the average in 2014.

 

The U.S. retail regular gasoline price is forecast to average $1.98 per gallon in 2016 and $2.21 in 2017, compared with $2.43 in 2015. In January, the average retail regular gasoline price was $1.95 per gallon, a decrease of 9 cents from December and the first time monthly gasoline prices averaged below $2 since March 2009.

 

Source: U.S. Energy Information Administration S 

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