US oil, gas demand rising again in 2005

While US energy demand will climb again this year as the economy continues to grow, signs of change are clear.The pace of economic growth will decline from its 2004 level, and energy efficiency will increase in the face of high prices.This year, fear of a petroleum product supply crunch has driven nominal oil prices to all-time highs. Weak growth in product stocks has combined with forecasts for another heavy hurricane season to offset the effects of strong refinery activity and robust imports.US oil and natural gas production, which declined last year, will record modest gains in 2004. This year thus will be the first since 1991 in which crude oil production has increased in the US. Pric...

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