Watching Government: Reports note crude prices

The US government issued four separate reports mentioning high crude oil prices in the week ended June 10. It was not surprising that the first addressed the topic, since it was the Energy Information Administration’s latest Short-Term Energy Outlook.But the subject’s presence in the other three suggests that oil prices still have a seat aboard the US economic express. Whether that seat is next to the throttle and brake is open to debate.Let’s start with the EIA report. The government’s energy forecasters raised their 2005 average West Texas Intermediate crude oil price estimate by $1 to $53/bbl from a month earlier.They said US inventories rose, partly from increa...

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