Will 2026 bring us continued stability in the oil market? A branch of the U.S. Department of Energy thinks so.
The Energy Information Administration is forecasting oil prices will average in the area of $55 a barrel in 2026. AAA analyst Don Redman says energy officials are optimistic the oil market won't be as volatile.
"A lot of hopes are that there's ultimately some kind of a peace deal coming with Russia and Ukraine," said Redman. "And what that would mean is more oil, it would be a limited ban on oil from Russia, and because of bigger inventories, it would drive those prices down."
And the U.S. wants to increase exploration and production domestically, with the first offshore lease sale in two years set for later this week.
"They're looking at the long term growth and the potential of the economic growth," Redman said.