The U.S. Energy Information Administration (EIA) has revised its long-term forecasts for natural gas and petroleum prices upward. But it still sees prices falling in 2004 vs. last year's levels, according to the Brock Report.

The EIA forecast well-head natural gas prices for the U.S. to average $3.89/thousand cu. ft. in 2004, vs. $4.98 last year.

Petroleum prices are also expected to decline in the short term, but rise in the long run. The world price of crude oil is expected to decline from an average of $27.25/barrel in 2003 to $23.84/barrel in 2004 and $23.30/barrel in 2005. Then, EIA predicts a gradual long-term rise.