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Gasoline, oil to remain high, NEB says

Gasoline, oil to remain high, NEB says

DAVID EBNER

Wednesday, May 28, 2008

CALGARY — The National Energy Board expects oil and natural gas prices to remain high throughout the summer.

And gasoline prices are expected to closely correlate the high price of oil, the national energy regular said in Calgary Wednesday in its summer energy outlook.

The NEB outlook suggests predictions of other analysts for record gasoline prices this summer are likely correct.

Consultancy MJ Erwin and Associates has said regular gas could be $1.40 a litre or more. On Tuesday, MJ Ervin reported the average price of regular gasoline in Canada was $1.33, a record.
According to the NEB, the price of oil will likely bounce around $130 (U.S.) a barrel, about the current level, as strong demand and tight supply continue.

Natural gas is expected to average about $12 per thousand cubic feet, also around the current rate, partly because of higher oil prices and lower supply from Canada.