Energy Department Says Gas Prices Will Stay High Through 2009

The Energy Department says gasoline prices will remain close to $4 a gallon through next year. This is not good news for drivers, many who are already paying close to $5 a gallon in their area.

Crude oil prices should remain well above $100 a barrel through 2009, says Guy Caruso, head of the department’s Energy Information Administration. Caruso said today that crude oil prices are likely to average $126 a barrel in 2009, $4 higher than this year.

He said gas prices are expected to peak at $4.15 a gallon in August, but won’t go down much. The agency projects gasoline averaging $3.92 a gallon through 2009, reports USA Today.

Keep in mind that Caruso doesn’t have a crystal ball that he can use to predict gas prices far into the future. But, he says the agency projects oil prices declining to $86 a barrel in 2010 and then increasing to $107 by 2015.