EIA lowers expectations of oil prices, gas demand

06/18/2012
The price of West Texas Intermediate crude oil will average about $95/bbl over this year's second half, and the US refiner acquisition cost of crude will average $100/bbl over the period, the US Energy Information Administration projects in its latest Short-Term Energy Outlook. The average for both is almost $11/bbl lower than EIA forecast in its previous STEO a month ago. EIA expects 2013 crude oil prices to be relatively flat compared with this year's prices. This forecast assumes that US real gross domestic product will increase by 2.2% this year and by 2.4% next year. The recent economic and financial news that points towards weaker economic outlooks could lead to lower economic growt...
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