Federal agency: Look for gasoline under $2 by end of year, plus other good energy news
U.S. Energy Information Administration chief Adam Sieminski says we should expect gasoline prices to fall below $2 a gallon by the end of the year.
Here’s the latest from Sieminski:
- Gasoline prices are at a 16-week low and are expected to fall below $2 a gallon for monthly averages by January.
- Inventories are the highest on record for August.
- Crude oil production in the United States has risen after a steep drop and is expected to increase consistently beginning late next year.
- Demand for natural gas hit a record in July because of demand for air-conditioning power. That led to the tapping of gas in storage.
- Emissions of carbon dioxide from fossil fuels related to power production are the lowest since 1992. A fair amount of that is related to low natural gas prices that led to less coal-burning.
- Wind power should account for 6 percent of U.S. electricity production next year, with solar power providing 1 percent.