U.S. Energy Information Administration expects oil prices to rise to $115 a barrel this year

The acting agent of the US Energy Information Agency (EIA), Howard Glenn Spechit, said in a testimony on the 29th that the international crude oil prices will continue to rise this year, but it is expected to fall slightly next year.

Glenn Spechit said that the U.S. Energy Information Administration believes that by the end of 2013, the cost of crude oil was still the main factor affecting gasoline and diesel prices. Crude oil prices are expected to rise this year from US$102 per barrel in 2011 to approximately US$115 and will fall slightly to US$110 in 2013.

He said that uncertainty may push the price of oil higher or lower than forecasted. At present, the supply of oil to some non-OPEC countries is being destroyed. If the situation is serious, oil prices will be higher. From the perspective of demand, if the economy of the OECD countries fails to recover, or if the economic growth of non-OECD countries slows down, the price of oil may be even lower.

Glenn Spechit also said that according to the prediction of crude oil prices, the agency expects the average price of gasoline and diesel in the US to increase by about US$0.3 per gallon this year. Among them, the average price of regular gasoline is 3.79 US dollars per gallon, higher than 3.53 US dollars last year. During the summer driving season from April to September, the average price of gasoline is estimated to be US$3.92 per gallon.

The recent rise in oil prices has caused serious concern among the U.S. citizens. The U.S. Congress held a hearing in this regard and invited experts in the relevant energy fields to make predictions and judgements on the trend of oil prices. At present, the average retail gasoline price in the United States has already exceeded 3.9 US dollars per gallon (about 3.78 liters) and is approaching the historic high of 4.11 US dollars.