GREENSBORO, NC October 22, 2013 – Despite the uncertainty floating around the energy crisis, the oil market is doing surprisingly well. According to The U.S. Energy Information Administration, oil prices are expected to follow a downward pattern well into 2014. In fact, sources believe that prices will fall by at least $20 per barrel this coming winter. When looking at the price, the EIA looks into projected winter temperatures and demand. The information they’ve found shows that winter temperatures are to be steady with last year’s (2012) temperatures. They’ve also found that the demand for oil should remain the same, if not lower. This is great news for homeowners who rely on oil during the harsh winter months.
Although oil prices were stable for many years, from 1986 to 2001, prices began to rise as soon as the recession hit. A barrel of oil went from an affordable $20 per barrel to an astounding $134 per barrel in just a few short years. Fortunately, the last two years provided a stable price hovering around $80 per barrel. However, thanks to U.S. drilling, the price for oil is expected to be the lowest it’s been in years.
Today, the U.S. has a moderate amount of drilling activity. The job boom that has lasted for several years in North Dakota is just a small light at the end of the tunnel. The oil drilling boom in the U.S. isn’t just good for the economy, it’s also good for homeowners. Although mild drilling is expected into the future, the oil production will remain quite strong here on U.S. soil.
Over the next few months – and even into the coming years – experts predict that oil prices will continue to fall down. In fact, oil prices should realistically fall below $80 per barrel in the coming months. According to the U.S. Energy Information Administration, this predicted change will happen gradually and continue downwards for years to come.
Founded by W.N. Berry in 1924, Berico has a history of providing reliable, top quality heating and cooling service to Greensboro, Burlington and Eden areas for both residential and commercial customers.
Will Berry, Director of Operations