EIA Lifts Crude-Oil, Gasoline Price Forecasts

The EIA’s Short Term Energy Outlook makes few significant month-on-month changes, although it once again increases its price forecasts for soaring crude oil and gasoline prices. EIA now says gas prices at the pump will average $3/gallon in 2021, up from $2.97 a month ago and up from 2020’s average of $2.18. And it says WTI crude will see a 2021 average price of $69.02 a barrel, up from $68.48 in its month-ago forecast.