KUALA LUMPUR (March 17): The US Energy Information Administration (EIA) said the price for West Texas Intermediate (WTI), the US benchmark, will average US$113 (RM472.68) per barrel in March and US$112 per barrel for the second quarter of 2022.

In a statement Wednesday (March 16), EIA said the forecast is subject to heightened levels of uncertainty due to various factors, including Russia’s further invasion of Ukraine, government-issued limitations on energy imports from Russia, Russian petroleum production, and global crude oil demand.

The EIA said its higher forecast Brent crude oil price also increased the forecast for the retail price of gasoline.

“We expect gasoline in the United States to average US$4.00/gal this month and to continue rising to a forecast high of US$4.12/gal in May before gradually falling through the rest of the year.

“We forecast the US regular retail gasoline price will average US$3.79/gal in 2022 and US$3.33/gal in 2023.

“If realised, the average 2022 retail gasoline price would be the highest average price since 2014, after adjusting for inflation,” it said.

The EIA said Russia’s invasion of Ukraine contributed to the recent sharp increase in the Brent and WTI crude oil prices.

It said this sharp rise in crude oil prices reflects increased geopolitical risk and uncertainty regarding how announced and potential future sanctions may affect global energy markets.