Why Higher Crude Oil Prices Are a Concern for US Trucking

The EIA (U.S. Energy Information Administration) anticipates Brent spot prices will average $72 per barrel in 2018 and $71 per barrel in 2019. According to the EIA, WTI crude oil prices will average $6 per barrel lower than Brent prices in 2018 and in 2019. The EIA predicts that crude oil production in the United States will average 10.7 million barrels per day in 2018, up from 9.4 million barrels per day in 2017. It forecasts US crude oil production to average 11.7 million barrels per day in 2019.