Gov't report: $50-plus oil here to stay
Gov't report: $50-plus oil here to stay
Associated Press/WASHINGTON
By H. JOSEF HEBERT
Associated Press Writer
DEC. 12 4:47 P.M. ET Oil prices will persist near or above $50 a barrel for years and force a shift to more fuel-efficient cars and alternative fuels, the government said Monday, discarding earlier predictions that costs would drop to around $30 a barrel.
The Energy Department forecast was more positive on natural gas prices. It said they would retreat from the recent spikes -- to more than $14 per thousand cubic feet -- and settle at under $5 in the long term as demand weakens, especially for electricity production.
The analysis reflected a significant change from the department's projections a year ago when it predicted oil prices in constant dollars -- not counting normal inflation -- would retreat in the long term and settle at about $31 a barrel by 2025.
Associated Press/WASHINGTON
By H. JOSEF HEBERT
Associated Press Writer
DEC. 12 4:47 P.M. ET Oil prices will persist near or above $50 a barrel for years and force a shift to more fuel-efficient cars and alternative fuels, the government said Monday, discarding earlier predictions that costs would drop to around $30 a barrel.
The Energy Department forecast was more positive on natural gas prices. It said they would retreat from the recent spikes -- to more than $14 per thousand cubic feet -- and settle at under $5 in the long term as demand weakens, especially for electricity production.
The analysis reflected a significant change from the department's projections a year ago when it predicted oil prices in constant dollars -- not counting normal inflation -- would retreat in the long term and settle at about $31 a barrel by 2025.
posted by Marcel at 3:41 PM
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