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PARIS, Sept 18: Gas prices will continue to rise this year, the International Energy Agency (IEA) predicted on Thursday.
“Most likely upward pressures on gas prices will continue until the end the year,” the head of the body’s non-petroleum division, Ian Cronshaw, told a news conference. “Indicators show gas won’t be cheap anymore.”
IEA Director General Nobuo Tanaka meanwhile said the agency needed more information before deciding whether to tap its strategic oil reserves after Hurricane Ike stormed through the Gulf of Mexico, site of many US oil installations.
“Current volatility of prices shows the oil market is still tight.”—AFP
