Oil and gasoline Prices are expected to fall next year, according to the latest forecast from the Energy Information Administration (EIA).

The EIA released its November short-term energy outlook last month, which forecast the price of Brent crude to fall from $69 a barrel in 2025 to $55 a barrel next year. That would be well below the $81 per barrel set in 2024.

Gas prices they are also expected to continue their decline next year. Retail gas prices averaged $3.30 a gallon in 2024 and are $3.10 a gallon this year, but are projected to decline further to $3 a gallon in 2026, according to the EIA report.

US crude production rose this year and is expected to remain flat in 2026, with the EIA finding that the US produced 13.2 million barrels per day in 2024. The agency expects crude output to be 13.6 million barrels per day this year, the same as in 2026.

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Gas and crude oil prices are expected to fall next year, according to the EIA outlook. (Zeng Hui/Xinhua via Getty Images)

Natural gas prices are expected to continue rising after a notable increase this year. The price of natural gas at Henry Hub was $2.20 per million British thermal units (BTU) in 2024 and rose to $3.50 this year, while the EIA expects its increase to continue to $4 in 2026.

In recent years, the US has become the world’s largest exporter of liquefied natural gas (LNG)occupying the top position in 2023 and 2024, and export levels have continued to rise.

The EIA noted that the US exported 12 billion cubic feet per day of LNG last year, and that figure rose to 15 billion cubic feet per day in 2025 and 16 billion cubic feet per day next year.

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The United States led the world in LNG exports in 2023 and 2024, with export volume forecast to increase this year and next. (Stefan Sauer/Photo Alliance via Getty Images)

The EIA report also broke down the share of electricity generation by source in the US, which showed natural gas as the largest source with a 40% share in 2025 and 2026, down slightly from 42% a year ago.

The share of electricity generated by renewables, a category that includes hydro, solar, wind, geothermal and biomass, was 23% in 2024 and has been trending upward, with the EIA putting its 2025 share at 24% and forecasting a 26% increase next year.

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Part of nuclear power of the energy mix decreased slightly from 19% to 18% from 2024 to 2025, while it is expected to remain stable at 18% next year.

Coal’s share of total electricity generation has also been relatively flat, with the EIA reporting it was 16% last year, 17% in 2025, and projecting a return to 16% next year.

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The report also touched carbon dioxide (CO2) emissionswhich increased slightly from 4.8 billion metric tons in 2024 to 4.9 billion metric tons this year. The EIA predicts it will return to 4.8 billion metric tons next year.