The United States Energy Information Administration (EIA) recently reported that petroleum sales are likely to fall this year, but costs will remain high. With a slowing economy and high fuel costs the EIA report says the consumption of liquid fuels will drop by approximately 85,000 barrels per day. Nevertheless, the price per barrel will likely average $101 for the 2008 year - a price $7 higher than last month's outlook. Gas at the pump is said to be $3.54 a gallon on average this summer, with the possibility of prices hitting $4 a gallon in California and the Midwest. [Source: Energy Information Administration]
Oil Prices to Remain High
The United States Energy Information Administration (EIA) recently reported that petroleum sales are likely to fall this year, but costs will remain high. With a slowing economy and high fuel costs the EIA report says the consumption of liquid fuels will drop by approximately 85,000 barrels per day. Nevertheless, the price per barrel will likely average $101 for the 2008 year - a price $7 higher than last month's outlook. Gas at the pump is said to be $3.54 a gallon on average this summer, with the possibility of prices hitting $4 a gallon in California and the Midwest. [Source: Energy Information Administration]
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