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Gas price sign shows pricing at an arm and a legAccording to the DOE's Energy Information Administration (EIA), crude oil prices are expected to steadily increase over the next two years, hitting $99 per barrel by the end of 2012. Tightening of world oil markets, along with a growth in consumption, will continue to drive oil prices up from the recorded average of $89 a barrel in December 2010 to an estimated $93 per barrel for 2011.

Higher crude oil prices directly translate into increases at the pump. The EIA projects that regular-grade gasoline will climb from the documented average of $2.78 per gallon in 2010 to $3.17 in 2011 and hit $3.29 per gallon by the end of 2012. Likewise, the cost of diesel fuel is estimated to soar from the recorded $2.99 per gallon in 2010 to $3.52 in 2012. Adding to the pain at the pump, the EIA predicts that there's at least a seven percent chance that the retail price of gasoline could, once again, exceed the $4 mark at some point this July.

[Source: U.S. Department of Energy | Image: Kari_Marie - C.C. License 2.0]

Continue reading DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon

DOE: Oil will average $99/barrel by end of 2012; gas $3.29 per gallon originally appeared on Autoblog on Tue, 01 Feb 2011 10:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2012crudedieseleiagas pricesgasolineoiloil barreloil pricesus department of energyTue, 01 Feb 2011 10:31:00 EST http://www.autoblog.com/feed/19823528/article-comments.xml http://www.autoblog.com/feed/2011/02/01/doe-oil-will-average-99-barrel-by-end-2012-gas-329-per-gallon/19823528/article-detail.xml 19823528 http://www.blogcdn.com/www.autoblog.com/media/2010/12/gas-arm-leg_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/12/gas-arm-leg.jpg <![CDATA[REPORT: Thieves make off with $2 million worth of oil and gas in Texas]]>http://www.autoblog.com/2009/07/03/thieves-make-off-with-2-million-worth-of-oil-and-gas-in-texas/http://www.autoblog.com/2009/07/03/thieves-make-off-with-2-million-worth-of-oil-and-gas-in-texas/http://www.autoblog.com/2009/07/03/thieves-make-off-with-2-million-worth-of-oil-and-gas-in-texas/#comments

How many barrels of oil do you think you could steal in a month, y'know, if you were into that sort of thing? Ten people in West Texas have been arrested recently for stealing about $2 million worth of oil and gas condensate, and a local sheriff said that the thieves were able to steal 8,000 barrels of oil during a single month. That's good for a lot of trips to the grocery store.

Actually, the thieves were not stealing the fuel to use themselves. Instead, the men stole the barrels and then sold them the "oil and gas to buyers who didn't know of the theft," according to The Associated Press. What, did they say the barrels just happened to fall off the back of a truck? We'll probably learn more soon, as the men were arrested following a seven-month investigation. There's got to be some good information in upcoming court filings, right?

[Source: The Associated Press | Image: AFP/Getty]

REPORT: Thieves make off with $2 million worth of oil and gas in Texas originally appeared on Autoblog on Fri, 03 Jul 2009 11:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gas theftGasTheftoil arrestsoil barreloil barrelsoil theftoil thievesOilArrestsOilBarrelOilBarrelsOilTheftOilThievesstealing gasStealingGastexaswest texasWestTexasFri, 03 Jul 2009 11:00:00 EST http://www.autoblog.com/feed/19085252/article-comments.xml http://www.autoblog.com/feed/2009/07/03/thieves-make-off-with-2-million-worth-of-oil-and-gas-in-texas/19085252/article-detail.xml 19085252 http://www.blogcdn.com/www.autoblog.com/media/2009/07/oil-barrels-with-vendor-peek-getty-afp-580_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/07/oil-barrels-with-vendor-peek-getty-afp-580.jpg -1 2