Watching Government: Early responses to falling demand

12/15/2008
The US Energy Information Administration’s latest Short-Term Energy Outlook said it all on Dec. 9: “The current global economic slowdown is now projected to be more severe and longer than in last month’s Outlook, leading to further reductions of global energy demand and additional declines in crude oil and other energy prices.”While record prices earlier in the year led EIA to forecast an average West Texas Intermediate crude price of $100/bbl for 2008, it now expects WTI prices to average $51/bbl next year, under current economic assumptions and assuming no major supply disruptions. A month earlier, EIA projected a 2009 WTI average price of $63.50/bbl.“The U...

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