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U.S. Reduces 2010 Crude Oil Price Outlook, Increases World D

Bloomberg.com -- By Mark Shenk

The Energy Department decreased its crude oil price forecast for 2010 on reduced projections of economic growth in the U.S., the world’s biggest oil consuming country.

West Texas Intermediate oil, the U.S. benchmark, will average $77.37 a barrel this year, down from last month’s forecast of $79.13,

Prices will climb 6 percent to average $82 a barrel in 2011, the report showed.

Regular gasoline, averaged nationwide, will cost $2.76 a gallon from April through September, according to the report from the EIA,

Global Demand

The department raised its outlook for global oil consumption this year to 85.95 million barrels a day from 85.91 million last month. That’s up 1.9 percent from last year’s 84.33 million. Demand will climb to 87.36 million in 2011, 60,000 barrels a day

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Submitted Sep 09, 2010 By: UncleCurt

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honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Sep 10, 2010 3:01:13 PM Ignore honda0105 Report Abuse Quick68: you bet it's been fixed since it's been deregulated a long time ago. And you know it's fixed b/c even when supply and demand change, the prices don't.
honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Sep 10, 2010 3:00:22 PM Ignore honda0105 Report Abuse VDUB: no, from getting money from Pig Banks to say so, so that the prices WILL go up.
VDubBill Champion Author Jacksonville Posts:2,692 Points:871,040 Joined:May 2008	Message Posted: Sep 9, 2010 8:07:58 PM Ignore VDubBill Report Abuse So, they're predicting oil to go up next year? What's that from, odd weather, drilling disasters or war, or just the need to have higher prices? The future's so bright.
vulcan96 Champion Author Ohio Posts:21,169 Points:2,639,595 Joined:Aug 2004	Message Posted: Sep 9, 2010 7:44:47 PM Ignore vulcan96 Report Abuse just more hot air and speculators spin !!!
Quick68 Champion Author Columbus Posts:4,837 Points:758,900 Joined:Dec 2009	Message Posted: Sep 9, 2010 7:36:58 PM Ignore Quick68 Report Abuse If big oil can tell a year ahead of what the price of gas and oil will be than you know the price is fixed. They know today what the price of gas will be this time next year.
jcurley Champion Author California Posts:5,638 Points:1,321,570 Joined:Dec 2007	Message Posted: Sep 9, 2010 7:32:57 PM Ignore jcurley Report Abuse How often is the Energy Department "close" on these forecasts? Seems they are worse than the weather folks.
Maintroll Champion Author Lexington Posts:6,281 Points:1,236,685 Joined:Aug 2008	Message Posted: Sep 9, 2010 7:32:30 PM Ignore Maintroll Report Abuse OK folks here is your weekly propaganda report.
Scotty99QC Veteran Author Montreal Posts:275 Points:74,950 Joined:Jul 2010	Message Posted: Sep 9, 2010 7:32:17 PM Ignore Scotty99QC Report Abuse Who is right.
uptherefiners Champion Author Chicago Posts:3,318 Points:683,120 Joined:Jun 2006	Message Posted: Sep 9, 2010 7:27:53 PM Ignore uptherefiners Report Abuse they pick these numbers out of a hat
rxman1 Champion Author Toledo Posts:7,001 Points:1,397,270 Joined:Nov 2007	Message Posted: Sep 9, 2010 7:20:56 PM Ignore rxman1 Report Abuse International demand is always the wildcard.
goldilox88 Champion Author Montreal Posts:4,059 Points:1,000,000 Joined:Jun 2008	Message Posted: Sep 9, 2010 7:17:19 PM Ignore goldilox88 Report Abuse Hope is stays low.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Sep 9, 2010 7:16:50 PM Ignore CobraLeader Report Abuse ... Let's hope the U.S. is correct, for once! ...
REKEY Champion Author South Carolina Posts:6,211 Points:1,233,805 Joined:May 2008	Message Posted: Sep 9, 2010 7:16:19 PM Ignore REKEY Report Abuse But I bet the price at the pump will rise.
TBONE3 Champion Author Pennsylvania Posts:6,388 Points:1,510,745 Joined:Mar 2005	Message Posted: Sep 9, 2010 7:15:19 PM Ignore TBONE3 Report Abuse All - SUBJECT TO CHANGE!
GasholeMI Champion Author Lansing Posts:7,773 Points:1,251,240 Joined:Jul 2008	Message Posted: Sep 9, 2010 7:14:48 PM Ignore GasholeMI Report Abuse Got to have a job to be able to afford gas. Where are the jobs?
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Sep 9, 2010 7:14:41 PM Ignore joel27nc Report Abuse Any excuse to raise the price of gas.
HEBster Champion Author Kentucky Posts:6,474 Points:1,916,565 Joined:May 2006	Message Posted: Sep 9, 2010 7:14:16 PM Ignore HEBster Report Abuse I'll take it but...so what...
BazooQC Champion Author Montreal Posts:7,330 Points:1,172,480 Joined:Oct 2008	Message Posted: Sep 9, 2010 7:13:19 PM Ignore BazooQC Report Abuse A guesstimate. I'd like to see prices go down.
tucker355 Champion Author Manitoba Posts:1,153 Points:314,535 Joined:Feb 2009	Message Posted: Sep 9, 2010 7:11:56 PM Ignore tucker355 Report Abuse price manipulation
Blue_Cruzer Champion Author Lexington Posts:5,152 Points:1,202,725 Joined:Mar 2007	Message Posted: Sep 9, 2010 7:10:36 PM Ignore Blue_Cruzer Report Abuse Sounds like a guess, we shall see.
Toppers Champion Author Atlanta Posts:6,673 Points:2,006,475 Joined:Mar 2005	Message Posted: Sep 9, 2010 7:09:01 PM Ignore Toppers Report Abuse Short term price fixin'...
tedjm1 Champion Author New York Posts:3,540 Points:389,685 Joined:Dec 2006	Message Posted: Sep 9, 2010 7:07:07 PM Ignore tedjm1 Report Abuse Short-lived prices
JettaKnight Champion Author Toronto Posts:1,355 Points:1,712,435 Joined:Nov 2005	Message Posted: Sep 9, 2010 7:02:30 PM Ignore JettaKnight Report Abuse "Regular gasoline, averaged nationwide, will cost $2.76 a gallon" Wow, it'd be GREAT to have gas prices go that low again. It's been years since we've seen gas at the equivalent of about 73 cents per litre.
bigreddwg Champion Author Tampa Posts:4,967 Points:1,042,630 Joined:Nov 2005	Message Posted: Sep 9, 2010 7:00:07 PM Ignore bigreddwg Report Abuse sure!! more guv'nment lyzes!!! don't believe a thang, LOL!!! [Edited by: bigreddwg at 9/10/2010 12:01:44 AM EST]
toadNY Champion Author Albany Posts:4,558 Points:1,046,550 Joined:Apr 2008	Message Posted: Sep 9, 2010 6:58:46 PM Ignore toadNY Report Abuse May be the administration should think and say oil & gas prices will drop, instead of there going up & the speculators say we can keep it up there.
Mowerman08 Champion Author Milwaukee Posts:2,478 Points:780,815 Joined:Aug 2008	Message Posted: Sep 9, 2010 6:50:40 PM Ignore Mowerman08 Report Abuse Sounds like price fixing to me.
deacon260 Rookie Author Louisville Posts:41 Points:15,800 Joined:May 2009	Message Posted: Sep 9, 2010 6:44:21 PM Ignore deacon260 Report Abuse Bus561 hit the nail on the head. Speculation.....
regasaz Champion Author Phoenix Posts:3,661 Points:842,010 Joined:Dec 2006	Message Posted: Sep 9, 2010 6:38:34 PM Ignore regasaz Report Abuse Mirror, mirror, on the wall.......what will be the gas prices in the fall?
nehemiah Champion Author Portland Posts:3,041 Points:551,690 Joined:Jul 2007	Message Posted: Sep 9, 2010 6:30:24 PM Ignore nehemiah Report Abuse waaaaaaaaaaaaaaaaaaaaaaaaaaaaaay too high
DustyHorse Champion Author Virginia Posts:4,016 Points:978,340 Joined:Oct 2008	Message Posted: Sep 9, 2010 6:23:09 PM Ignore DustyHorse Report Abuse It still sounds too high.
Bus561 Champion Author Lexington Posts:14,076 Points:2,753,105 Joined:May 2004	Message Posted: Sep 9, 2010 6:22:08 PM Ignore Bus561 Report Abuse Rhetoric speculation is all that this subject is now and forever more.
TXGasPriceSpy Champion Author Fort Worth Posts:5,324 Points:1,010,350 Joined:Sep 2008	Message Posted: Sep 9, 2010 6:19:51 PM Ignore TXGasPriceSpy Report Abuse This is not good. Big oil and speculators are bad.
Ray_10589 Champion Author New York Posts:2,799 Points:738,745 Joined:May 2009	Message Posted: Sep 9, 2010 6:16:11 PM Ignore Ray_10589 Report Abuse speculation ... GREED ...
RENEGADEGAS Champion Author Missouri Posts:12,054 Points:1,127,180 Joined:Jul 2008	Message Posted: Sep 9, 2010 6:14:08 PM Ignore RENEGADEGAS Report Abuse EVBuddy...your kidding right? Please tell me your kidding. Thats to funny.
kcboy Champion Author Utah Posts:2,427 Points:1,191,205 Joined:Jun 2005	Message Posted: Sep 9, 2010 6:13:18 PM Ignore kcboy Report Abuse All way changing like the weather.
hank1326 Champion Author Los Angeles Posts:6,693 Points:1,280,355 Joined:Jun 2008	Message Posted: Sep 9, 2010 6:11:55 PM Ignore hank1326 Report Abuse DOE = Fools and Tools.
EVBuddy Champion Author Nevada Posts:14,338 Points:2,568,640 Joined:Sep 2004	Message Posted: Sep 9, 2010 6:07:25 PM Ignore EVBuddy Report Abuse What if the economy booms?
billy44bo Champion Author Mobile Posts:5,183 Points:1,042,810 Joined:Feb 2008	Message Posted: Sep 9, 2010 6:07:10 PM Ignore billy44bo Report Abuse do you think
Asbury09 Champion Author Iowa Posts:4,973 Points:1,070,730 Joined:Jan 2009	Message Posted: Sep 9, 2010 6:06:25 PM Ignore Asbury09 Report Abuse as we say at work "its a government thing"
aldog365 Champion Author Nashville Posts:3,150 Points:1,559,710 Joined:Aug 2005	Message Posted: Sep 9, 2010 6:05:34 PM Ignore aldog365 Report Abuse Up and down,up and down.Reminds me of bi-polar.
Lukus Champion Author Halifax Posts:6,026 Points:1,216,610 Joined:Nov 2007	Message Posted: Sep 9, 2010 6:05:16 PM Ignore Lukus Report Abuse The future prices of oil appear to down but gas prices are up.
NavyStore Champion Author Seattle Posts:3,768 Points:1,658,815 Joined:Aug 2005	Message Posted: Sep 9, 2010 5:57:48 PM Ignore NavyStore Report Abuse Like I believe anything when the speculators manipulate the market as they have!
mdskier Champion Author Maryland Posts:8,488 Points:1,500,275 Joined:Aug 2005	Message Posted: Sep 9, 2010 5:53:03 PM Ignore mdskier Report Abuse It's time DOE gets a clue, gas prices have only been dropping for the two months.
mstearno Champion Author Dayton Posts:5,867 Points:1,286,185 Joined:Jan 2008	Message Posted: Sep 9, 2010 5:39:33 PM Ignore mstearno Report Abuse we're not the world power we used to be
Focus2 Champion Author Illinois Posts:6,297 Points:1,630,480 Joined:Mar 2006	Message Posted: Sep 9, 2010 5:37:57 PM Ignore Focus2 Report Abuse Anyone interested in my predictions? Lets see..what did I do with my crystal ball?
ex911 Champion Author San Jose Posts:6,844 Points:1,339,770 Joined:Apr 2005	Message Posted: Sep 9, 2010 5:35:41 PM Ignore ex911 Report Abuse it's just like forecasting the weather
DEG Champion Author Las Vegas Posts:15,397 Points:3,054,380 Joined:Jul 2003	Message Posted: Sep 9, 2010 5:35:09 PM Ignore DEG Report Abuse All speculation on prices. The economy isn't picking up that much. There is a possibility that demand doesn't increase. 6% increase in fuel cost seems to be exorbitant when the cost of living is steady or declining.
woodeye55 Champion Author Gary Posts:4,654 Points:1,391,730 Joined:Mar 2006	Message Posted: Sep 9, 2010 5:35:00 PM Ignore woodeye55 Report Abuse Dart board forecasting.
craigsfrank Champion Author Arkansas Posts:1,531 Points:481,125 Joined:Jun 2010	Message Posted: Sep 9, 2010 5:34:17 PM Ignore craigsfrank Report Abuse If people cut back on the driving...... some can some can't. Instead of driving around, think I'll just watch some football this weekend!
abcdMA Champion Author Worcester Posts:5,619 Points:1,114,250 Joined:Nov 2008	Message Posted: Sep 9, 2010 5:33:22 PM Ignore abcdMA Report Abuse prices down, utilization down, jobs---down