Figure 8. Nominal energy prices (dollars per barrel), 1998–2018 and projected to 2028

Year

WTI crude oil

Brent crude oil

Natural gas (2005 Henry Hub)

1998

14.47 12.82 1.80

1999

19.17 17.81 2.00

2000

30.14 28.41 3.40

2001

25.83 24.44 3.70

2002

26.10 24.89 2.70

2003

31.14 28.81 4.70

2004

41.42 38.20 5.40

2005

56.46 54.54 7.30

2006

66.10 65.25 6.10

2007

72.29 72.70 6.00

2008

99.56 98.08 7.50

2009

61.69 61.72 3.50

2010

79.44 79.91 4.10

2011

95.08 110.96 3.70

2012

94.20 111.77 2.60

2013

97.94 108.74 3.40

2014

93.26 99.83 4.00

2015

48.69 52.68 2.30

2016

43.21 44.24 2.10

2017

50.96 54.83 2.60

2018

64.89 70.96 2.50

2019 projected 

67.88 73.26 3.00

2020 projected

69.72 73.26 3.10

2021 projected

71.23 74.43 3.00

2022 projected

70.52 74.40 3.00

2023 projected

72.09 76.20 3.10

2024 projected

75.20 79.32 3.30

2025 projected

77.91 81.73 3.50

2026 projected

80.03 84.86 3.60

2027 projected

82.33 87.49 3.60

2028 projected

84.05 89.42 3.70

Note: WTI = West Texas Intermediate.

Source: U.S. Energy Information Administration.