The United States Energy Information Administration said that “Energy prices rose in early May following reports suggesting that the US economy may have reached a turning point in the current recession, at least in some sectors. Near term prices in this Outlook, however remain somewhat below market prices as of its release date given that prospects for a global economic turnaround remain highly uncertain. EIA’s forecast is based on a macroeconomic outlook that assumes the US and global economies begin to stabilize in the coming months and show signs of recovery late in 2009 and into 2010.”

It said that “The price of West Texas Intermediate crude oil is expected to remain relatively flat for the remainder of 2009, averaging about USD 55 per barrel over the second half of 2009. Assuming a modest economic improvement next year, WTI prices are expected to average about USD 58 in 2010.”

The department said that “During this summer driving season regular gasoline retail prices are projected to average USD 2.21 per gallon, down about USD 1.60 from last summer. The annual average regular grade gasoline retail price in 2009 is expected to be USD 2.12 per gallon, increasing to an average of USD 2.30 in 2010. The annual average diesel fuel retail prices are expected to be USD 2.26 and USD 2.48 per gallon respectively in 2009 and 2010.

It added that “The Henry Hub natural gas spot price is projected to average USD 4.06 per thousand cubic feet in 2009, down from an average of USD 9.13 per Mcf in 2008. Then, buoyed by modest economic growth next year, the price is expected to increase to an average of about USD 5.21 per Mcf in 2010. The projected steep decline in industrial output this year is expected to reduce industrial natural gas consumption by 8 percent, resulting in a 1.9% decrease in total annual consumption of natural gas. Natural gas consumption in the electric power sector, however, is projected to increase by 2.1% since lower natural gas prices are expected to back out some coal consumption in this sector.”