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.
"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
Read the full story: Gov't Report: $50-Plus Oil Here to Stay
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