How Long Will Low Gasoline Prices Last?

February 21, 2016 08:10 AM

Enjoying the lower prices at the gas pump? Good news – no major changes are anticipated through 2017, according to the U.S. Energy Information Administration.

While the latest EIA analysis suggests gas prices have hit bottom and will climb, it will not do so substantially, staying under $2.50 per gal. through 2017. EIA estimates the average retail price of U.S. gas will reach a seven-year low of $1.82 per gal. in February, and begin climbing slowly after that. National average retail gas prices are forecast to be $1.98 per gal. in 2016 and $2.21 per gal. in 2017. The national average retail gas price for 2015 was $2.43 and $3.36 per gal. in 2014.

EIA anticipates crude oil prices hitting lows in 2016 before rebounding in 2017. WTI crude oil is forecast at $37.59 a barrel and Brent crude oil at $37.52 a barrel. Both are expected to reach $50.00 per barrel in 2017. In January 2016, Brent crude oil prices were the lowest since December 2003.


Diesel fuel retail prices averaged $2.43 per gal. in 2015, with projections of $1.98 per gal. in 2016 and $2.21 per gal. in 2017.

For more energy cost projections, visit

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Spell Check

Smiley mcgee
Chester, OK
2/24/2016 08:06 PM

  I agree the current fuel prices are not low they were grossly overpriced the last few years. In my opinion the current fuel prices are about where they should be. And yes grain prices are what should be talked about being low not oil and fuel. For god sake look at the pitiful price of wheat. I think my great grandad sold wheat for the current price. I bet he would have thought $30 oil back then was insane.

Smiley mcgee
Chester, OK
2/24/2016 08:25 PM

  In 1950 average price of a gallon of gas 18 cents/ gal 1950 average wheat price $2 per bu. It seems to me wheat hasn't even doubled and gas is over 8 times the price so. If wheat inflated as much as the gas price wheat would be over $16/bu right now so I don't want to hear about these low gas prices cause there not.

Chappell, NE
2/23/2016 09:40 AM

  How about we stop calling these realistic fuel prices "low"? If a farm publication wants to talk about ANY price that is too low, grain prices should give them plenty of ammunition.


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