Enjoying the lower prices at the gas pump? Good news – no major changes are anticipated through 2017, according to the U.S. Energy Information Administration.

While the latest EIA analysis suggests gas prices have hit bottom and will climb, it will not do so substantially, staying under $2.50 per gal. through 2017. EIA estimates the average retail price of U.S. gas will reach a seven-year low of $1.82 per gal. in February, and begin climbing slowly after that. National average retail gas prices are forecast to be $1.98 per gal. in 2016 and $2.21 per gal. in 2017. The national average retail gas price for 2015 was $2.43 and $3.36 per gal. in 2014.

EIA anticipates crude oil prices hitting lows in 2016 before rebounding in 2017. WTI crude oil is forecast at $37.59 a barrel and Brent crude oil at $37.52 a barrel. Both are expected to reach $50.00 per barrel in 2017. In January 2016, Brent crude oil prices were the lowest since December 2003.

 

Diesel fuel retail prices averaged $2.43 per gal. in 2015, with projections of $1.98 per gal. in 2016 and $2.21 per gal. in 2017.

For more energy cost projections, visit www.eia.gov/forecasts/steo/report/prices.cfm.