Looking ahead, the Energy Information Administration (EIA) projects the annual price of WTI crude will increase from an average of $72 per barrel in 2007 to $100 per barrel in 2008 and then fall to $51 per barrel in 2009. EIA expects the higher costs for crude oil will be passed on to all petroleum product prices with retail gasoline prices expected to average 46 cents per gallon more in 2008, but EIA calls for a decline of $1.24 per gallon in 2009.
Excerpt from America's Oil and Natural Gas Industry, The Truth About Oil and Gasoline: An API Primer, December 19, 2008, American Petroleum Institute. For the entire report, click here.
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