Wednesday, June 11, 2008

$50 a Barrel Oil Forecast for Next 25 Years - Joke from the past!

$50 a Barrel Oil Forecast for Next 25 Years
WASHINGTON, DC, December 12, 2005 (ENS) - Oil prices will remain near the $50 per barrel mark over the next 25 years, increasing the pressure for more domestic crude oil production and increasing the demand for unconventional sources of transportation fuel, such as ethanol and biodiesel, says an annual federal government report issued today.

The report backs away from last year's prediction that the price of crude would fall to around $33 per barrel by 2025.

World crude oil prices are projected to fall to about $47 per barrel by 2014 in constant dollars, not adjusted for inflation, according to the 2006 Annual Energy Outlook published by the Energy Information Agency (EIA), the independent statistical and analytical agency within the U.S. Energy Department.


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