A More Accurate Forecast of Oil Prices...

Changing its earlier predicts, the Energy Dept. forecasts oil will remain at $50 a barrel for years and may boost the use of fuel-efficient cars and alternate fuels.

1 minute read

December 14, 2005, 12:00 PM PST

By Irvin Dawid

"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 â€" to more than $14 per thousand cubic feet â€" and settle at under $5 in the long term as demand weakens, especially for electricity production"

Thanks to Emily Hopkins

FULL STORY: Gov't Report: $50-Plus Oil Here to Stay

Monday, December 12, 2005 in The San Francisco Chronicle

Energy Environment World

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