Energy Dept.: $4 Gas Price Here To Stay
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — The Energy Department says motorists can expect gasoline prices to remain close to $4 a gallon through next year.
Oil prices should remain well above $100 a barrel through 2009, the head of the department’s Energy Information Administration, Guy Caruso, said
Mr. Caruso told a House hearing at Washington today that crude oil prices are likely to average $126 a barrel next year, $4 higher than this year. He said gasoline prices are expected to peak at $4.15 a gallon in August, but won’t go down much. The agency projects gasoline averaging $3.92 a gallon through 2009.
Mr. Caruso said that oil prices are likely to stay high far into the future. He projected oil costing $107 a barrel in 2015.
