In its latest short-term energy outlook, released this morning, the U.S. Department of Energy predicts the nation's average gasoline price will rise to $2.31 a gallon during the first quarter of 2017, up from $2.25 a gallon in December, 2016.
Average prices for 2017 are expected to be $2.38 a gallon in 2017 and $2.41 a gallon in 2018.
Bottom line: Remain prepared for fluctuations, as always.
But prices, while somewhat stable, should gradually ascend upward again as the global market prices for crude oil rise and outpace growth in U.S. crude oil production, which is expected to rise to as much as 9.3 million barrels a day in 2018, up from an anticipated 9.0 million barrels a day in 2017 and an estimated 8.9 million barrels a day in 2016.
The newest outlook is the first to include 2018 forecasts, the Energy Department said.
Last year also was the first time that a fuel other than coal held the greatest market share for electricity generation, according to EIA figures.
The 2016 market share for natural gas was 34 percent, besting coal's declining market share of 30 percent.
Until the modern fracking era allowed drillers access to vast amounts of previously inaccessible natural gas, coal had been king for decades. For many years, coal generated half or more of the nation's electricity.
This year, natural gas and coal are expected to be in a neck-and-neck race for the No. 1 spot - each commanding about 32 percent of the nation's electricity market - before natural gas pulls ahead again in 2018 with 33 percent of the market share compare to coal's 32, according to the EIA estimates.
The much-beleaguered nuclear industry's decline isn't expected to be as steep or rapid as some people believe, though.
The industry's latest hit came Monday, when the utility operating the massive Indian Point nuclear plant outside New York City announced plans to prematurely close the station's two reactors because of its ability to compete against falling natural gas prices.
That is the latest of several premature closings announced.
But, as it stands now, Indian Point reactors will stay online until 2020 and 2021, respectively.
Nuclear power's market share is expected to be 19 percent in 2018, down from the 20 percent it was in 2016 and has been for many years.
The Indian Point nuclear plant outside New York City is to close early because of competition from natural gas. Photo credit: Associated Press.
Growth in non-hydro renewable energy sources is expected to continue, reaching 9 percent in 2018 up from 8 percent in 2016, the EIA said.
Hydropower's market share is expected to remain between 6 and 7 percent.
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