US economy propels 2004 US energy demand

Continued economic growth in 2004 will drive energy demand in the US. Consumption of all sources of energy, including oil, natural gas, and coal, will increase, boosting total demand to its highest level ever.Demand for all petroleum products, excluding residual fuel oil, will grow on the strength of the economy. US production of crude oil and condensate will continue to slide, while natural gas liquids production rebounds to give total US liquids a small boost over last year's output. Imports will be up, but by a much smaller margin than last year, and inventories will remain tight. This will mean that prices of oil and gas have little chance to post sizable declines.Gas production i...

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