Oil and Gas Price Predictions for 2013: A Retrospective

Crude oil and gas price predictions for 2013 were bearish overall in 2012. In other words, not many predicted rising prices per barrel of oil. For the most part they have been correct. For those concerned with gas prices at the pump, oil prices have been more favorable than expected. Crude oil prices have dropped since last year and are not showing as much volatility.

Part of the credit for the lowering of oil prices goes to higher levels of production from refineries in the North Sea. Because of this and other factors, oil has dropped from $109 per barrel to $97 as of April 1, 2013. The average of 2012 was $112 per barrel.

While some companies seemed overly ambitious in their bearish outlooks (Bank of America Merrill Lynch predicts $50 per barrel), others were closer to the truth (Goldman Sachs, for one, predicted a $110 bench mark. However, those were last year’s predictions. The U.S. EIA (Energy Information Administration) predicts a bench mark of 106, keeping in mind that they are predicting post April of 2013.

When oil prices fluctuate, so do gas prices at the pump. Experts and amateurs agree on a good year going forward. Pierce Insurance Group is looking to predict a favorable outcome for you with the correct insurance coverage. Protect your investments. Contact us for the best in advice and coverage in the greater McKinney, Texas area.