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The Boston Globe

Business

Oil and gasoline prices should drop this year, federal energy officials predict

Federal energy officials expect average oil and gasoline prices to drop this year and next, while natural gas prices will likely rise, according to a short-term outlook released Tuesday.

The US Energy Information Administration predicts that the crude oil market will “loosen” in the coming months as global supply increases. That will help crude prices average $105 a barrel this year -- $7 less than in 2012 – before dropping in 2014 to $99 a barrel, on average. That decrease will also help lower retail gasoline prices nationally over the next two years, with the fuel costing about $3.44 at the pump in 2014.

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