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Entries in Energy Information Administration (2)

Thursday
Mar172011

US Energy Official: Nuclear Crisis In Japan Could Have Slight Impact on Gas Prices

KAREN BLEIER/AFP/Getty Images(WASHINGTON) -- With the nuclear crisis in Japan, some members of Congress are asking how the situation will impact gas prices at the pump, but an energy department official said the impact could be slight.

“In terms of Japan, yesterday in terms of immediate response, we’d actually seen a decline in oil prices  which I think most of us would associate to a concern there would actually be a decline in economic activity,” Richard Newell, an administrator with the Energy Information Administration, said at a House Natural Resources Committee hearing.  “As of yesterday, the price of oil was down significantly.  Today, it’s back up again.”

“In terms of how this all shakes out, there’s really a number of competing things going on right now in global oil markets,” Newell said in the hearing.  “A principal one is the unrest in the Middle East and North Africa.  Japan was weighing on that yesterday, but today it seems like the resurgence is more associated with again turning to unrest in the Middle East and North Africa.”

Earlier this month, the EIA projected regular gas at the pump will average $3.70 per gallon this summer and $3.56 per gallon for 2011.

The focus of the hearing was “Harnessing American Resources to Create Jobs and Address Rising Gasoline Prices," and Chairman Doc Hastings, R-Wash., accused the Obama administration of stifling efforts to produce American jobs and lower gas prices.

“Since the President’s earliest days in office, his administration has blocked, delayed, hindered and obstructed energy production across America from coast to coast, on-shore and off-shore all the way to Alaska,” Hastings said.  “All of these actions cost American jobs and lead to higher gasoline and energy costs.”

But Ranking Member Ed Markey, D-Mass., countered Hastings with a horse racing analogy, calling the Republican’s position of “Drill Baby Drill” an “old horse, the one running flat out for decades,” in contrast to the “much recent entry in the race” -- clean energy.

Copyright 2011 ABC News Radio 

Thursday
Feb032011

Expect to Pay More for Gas

Photo Courtesy - Getty Images(WASHINGTON) -- Even if the violence in Egypt does not get worse, expect to pay more for gas and oil this summer and next winter, according to Richard Newell of the Energy Information Administration.

"The EIA expects the retail price of regular gasoline to average about $3.17 a gallon this year; about 40 cents per gallon higher than last year", Newell says.

Newell told the Senate energy committee those prices will be even higher during the summer driving season.

Oil prices on the world market rose for a fifth day in a row, as the violence in Egypt continued.
       
"We expect the price to rise to an average of $99 a barrel by the fourth quarter of 2012", according to Newell.

Newell also says the long-term outlook is for less-dependence on foreign oil, as U.S. Energy supplies expand. 

Copyright 2011 ABC News Radio







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