Foster Fuels renamed its philanthropic arm , formerly known as the Watt Foster Family Foundation , to the Foster Foundation . The change comes as the foundation marks a milestone , collecting 5,518 coats for distribution in its annual “ Spread the Warmth ” campaign , underscoring its commitment to serving women , children , and veterans ’ organizations via multiple partnerships within the communities they serve .

Watt and Jennifer Bryant-Foster , along with the foundation board , which includes Watt ’ s daughter Katie Foster-Rolfe , have been instrumental in steering the foundation ’ s growth and engagement initiatives since its inception in 2018 . Their vision has been a catalyst for positive change , raising the bar for philanthropy and community engagement for everyone at Foster Fuels .

“ We ’ re excited to unveil the name ‘ Foster Foundation ,’ because it reflects the growth from a passion project of our family to a full-scale company-wide commitment to volunteerism and service within our community ,” said Watt Foster , president of Foster Fuels in Brookneal , Va .

The Foster Foundation ’ s successful 2023 ‘ Spread the Warmth ’ campaign is a union of efforts between Foster Fuels employees ’ volunteerism , and the Foundation ’ s promise , “ Foster Goes Further .”

“ Our journey to 5,518 coats in this year ’ s ‘ Spread the Warmth ’ campaign is a testament to the collective efforts of our employees , our valuable community partners , and the Foundation ’ s alignment with our brand ’ s ethos of going further to make a meaningful difference .”

The Foster Foundation will continue to expand its outreach and impact , crediting each Foster Fuels employee with an annual paid day of volunteerism , and $ 1,000 charitable contributions to the local organization of choice on behalf of each employee completing 101 volunteer hours in a calendar year . The rebranding signifies an evolution in the Foundation ’ s reach , aiming to amplify its effectiveness in addressing the diverse needs of communities across Central Virginia .

For more information about the Foster Foundation and its initiatives , visit www . foster-foundation . org . l FON

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Fuels / EIA continued from page 12 One of this month ’ s Between the Lines articles takes a closer look at our 2024 and 2025 Brent crude oil price forecast .

U . S . gasoline prices . The U . S . average retail gasoline price declines in our forecast as gasoline inventories increase and gasoline crack spreads fall . We expect U . S . gasoline prices to average around $ 3.40 per gallon ( gal ) in 2024 and $ 3.20 / gal in 2025 , compared with an average of more than $ 3.50 / gal in 2023 .

Natural gas production . U . S . production of dry natural gas in our forecast grows between 1 % and 2 %, or about 1.5 billion cubic feet per day ( Bcf / d ) in 2024 and 1.3 Bcf / d in 2025 , down from growth of 4.0 Bcf / d in 2023 . The slowing growth reflects a drop in natural gas production associated with oil drilling in the Permian Basin . U . S . dry natural gas production of 105 Bcf / d in 2024 and 106 Bcf / d in 2025 would both be records .

Natural gas prices . We expect the spot price of natural gas to average $ 2.70 per million British thermal units ( MMBtu ) in 2024 and rise to an average of about $ 3.00 / MMBtu in 2025 , up from an average of $ 2.54 / MMBtu in 2023 . Prices increase because of slowing growth in natural gas production and increasing U . S . liquefied natural gas exports , particularly in 2025 following the addition of new export capacity in late 2024 . However , we expect upward price pressures will be limited by relatively flat consumption of natural gas in the electric power sector and persistently high inventories .

Coal production . Faced with continuing declines in coal consumption in the electric power sector , we expect U . S . coal production will decline by more than 90 million short tons ( MMst ) to less than 490 MMst in 2024 and then fall below 430 MMst in 2025 , the least coal produced in the United States since the early 1960s .

Release Date : Jan . 9 , 2024 l FON

32 FEBRUARY 2024 | FUEL OIL NEWS | www . fueloilnews . com