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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:15,285 Points:1,145,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 7:01:13 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:15,285 Points:1,145,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 7:00:22 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:2,698 Points:873,460 Joined:May 2008	Message Posted: Sep 10, 2010 12:07:58 AM 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:21,186 Points:2,642,520 Joined:Aug 2004	Message Posted: Sep 9, 2010 11:44:47 PM Ignore vulcan96 Report Abuse just more hot air and speculators spin !!!
Quick68 Champion Author Columbus Posts:4,859 Points:761,825 Joined:Dec 2009	Message Posted: Sep 9, 2010 11:36:58 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:5,650 Points:1,325,345 Joined:Dec 2007	Message Posted: Sep 9, 2010 11:32:57 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:6,296 Points:1,239,610 Joined:Aug 2008	Message Posted: Sep 9, 2010 11:32:30 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 11:32:17 PM Ignore Scotty99QC Report Abuse Who is right.
uptherefiners Champion Author Chicago Posts:3,333 Points:686,045 Joined:Jun 2006	Message Posted: Sep 9, 2010 11:27:53 PM Ignore uptherefiners Report Abuse they pick these numbers out of a hat
rxman1 Champion Author Toledo Posts:7,018 Points:1,400,195 Joined:Nov 2007	Message Posted: Sep 9, 2010 11:20:56 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 11:17:19 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 11:16:50 PM Ignore CobraLeader Report Abuse ... Let's hope the U.S. is correct, for once! ...
REKEY Champion Author South Carolina Posts:6,221 Points:1,236,505 Joined:May 2008	Message Posted: Sep 9, 2010 11:16:19 PM Ignore REKEY Report Abuse But I bet the price at the pump will rise.
TBONE3 Champion Author Pennsylvania Posts:6,403 Points:1,513,670 Joined:Mar 2005	Message Posted: Sep 9, 2010 11:15:19 PM Ignore TBONE3 Report Abuse All - SUBJECT TO CHANGE!
GasholeMI Champion Author Lansing Posts:7,788 Points:1,254,615 Joined:Jul 2008	Message Posted: Sep 9, 2010 11:14:48 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:8,172 Points:1,395,370 Joined:Mar 2008	Message Posted: Sep 9, 2010 11:14:41 PM Ignore joel27nc Report Abuse Any excuse to raise the price of gas.
HEBster Champion Author Kentucky Posts:6,479 Points:1,918,290 Joined:May 2006	Message Posted: Sep 9, 2010 11:14:16 PM Ignore HEBster Report Abuse I'll take it but...so what...
BazooQC Champion Author Montreal Posts:7,347 Points:1,175,405 Joined:Oct 2008	Message Posted: Sep 9, 2010 11:13:19 PM Ignore BazooQC Report Abuse A guesstimate. I'd like to see prices go down.
tucker355 Champion Author Manitoba Posts:1,153 Points:315,135 Joined:Feb 2009	Message Posted: Sep 9, 2010 11:11:56 PM Ignore tucker355 Report Abuse price manipulation
Blue_Cruzer Champion Author Lexington Posts:5,167 Points:1,205,650 Joined:Mar 2007	Message Posted: Sep 9, 2010 11:10:36 PM Ignore Blue_Cruzer Report Abuse Sounds like a guess, we shall see.
Toppers Champion Author Atlanta Posts:6,678 Points:2,008,950 Joined:Mar 2005	Message Posted: Sep 9, 2010 11:09:01 PM Ignore Toppers Report Abuse Short term price fixin'...
tedjm1 Champion Author New York Posts:3,555 Points:392,610 Joined:Dec 2006	Message Posted: Sep 9, 2010 11:07:07 PM Ignore tedjm1 Report Abuse Short-lived prices
JettaKnight Champion Author Toronto Posts:1,355 Points:1,715,160 Joined:Nov 2005	Message Posted: Sep 9, 2010 11:02:30 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 11:00:07 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:4,573 Points:1,049,475 Joined:Apr 2008	Message Posted: Sep 9, 2010 10:58:46 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:2,490 Points:782,155 Joined:Aug 2008	Message Posted: Sep 9, 2010 10:50:40 PM Ignore Mowerman08 Report Abuse Sounds like price fixing to me.
deacon260 Rookie Author Louisville Posts:42 Points:16,045 Joined:May 2009	Message Posted: Sep 9, 2010 10:44:21 PM Ignore deacon260 Report Abuse Bus561 hit the nail on the head. Speculation.....
regasaz Champion Author Phoenix Posts:3,676 Points:844,935 Joined:Dec 2006	Message Posted: Sep 9, 2010 10:38:34 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:553,290 Joined:Jul 2007	Message Posted: Sep 9, 2010 10:30:24 PM Ignore nehemiah Report Abuse waaaaaaaaaaaaaaaaaaaaaaaaaaaaaay too high
DustyHorse Champion Author Virginia Posts:4,031 Points:981,390 Joined:Oct 2008	Message Posted: Sep 9, 2010 10:23:09 PM Ignore DustyHorse Report Abuse It still sounds too high.
Bus561 Champion Author Lexington Posts:14,091 Points:2,756,030 Joined:May 2004	Message Posted: Sep 9, 2010 10:22:08 PM Ignore Bus561 Report Abuse Rhetoric speculation is all that this subject is now and forever more.
TXGasPriceSpy Champion Author Fort Worth Posts:5,340 Points:1,013,275 Joined:Sep 2008	Message Posted: Sep 9, 2010 10:19:51 PM Ignore TXGasPriceSpy Report Abuse This is not good. Big oil and speculators are bad.
Ray_10589 Champion Author New York Posts:2,809 Points:741,470 Joined:May 2009	Message Posted: Sep 9, 2010 10:16:11 PM Ignore Ray_10589 Report Abuse speculation ... GREED ...
RENEGADEGAS Champion Author Missouri Posts:12,080 Points:1,130,105 Joined:Jul 2008	Message Posted: Sep 9, 2010 10:14:08 PM Ignore RENEGADEGAS Report Abuse EVBuddy...your kidding right? Please tell me your kidding. Thats to funny.
kcboy Champion Author Utah Posts:2,437 Points:1,193,255 Joined:Jun 2005	Message Posted: Sep 9, 2010 10:13:18 PM Ignore kcboy Report Abuse All way changing like the weather.
hank1326 Champion Author Los Angeles Posts:6,706 Points:1,283,190 Joined:Jun 2008	Message Posted: Sep 9, 2010 10:11:55 PM Ignore hank1326 Report Abuse DOE = Fools and Tools.
EVBuddy Champion Author Nevada Posts:14,353 Points:2,571,565 Joined:Sep 2004	Message Posted: Sep 9, 2010 10:07:25 PM Ignore EVBuddy Report Abuse What if the economy booms?
billy44bo Champion Author Mobile Posts:5,193 Points:1,046,435 Joined:Feb 2008	Message Posted: Sep 9, 2010 10:07:10 PM Ignore billy44bo Report Abuse do you think
Asbury09 Champion Author Iowa Posts:4,988 Points:1,073,655 Joined:Jan 2009	Message Posted: Sep 9, 2010 10:06:25 PM Ignore Asbury09 Report Abuse as we say at work "its a government thing"
aldog365 Champion Author Nashville Posts:3,160 Points:1,561,660 Joined:Aug 2005	Message Posted: Sep 9, 2010 10:05:34 PM Ignore aldog365 Report Abuse Up and down,up and down.Reminds me of bi-polar.
Lukus Champion Author Halifax Posts:6,042 Points:1,219,535 Joined:Nov 2007	Message Posted: Sep 9, 2010 10:05:16 PM Ignore Lukus Report Abuse The future prices of oil appear to down but gas prices are up.
NavyStore Champion Author Seattle Posts:3,769 Points:1,662,310 Joined:Aug 2005	Message Posted: Sep 9, 2010 9:57:48 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 9:53:03 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:5,882 Points:1,289,210 Joined:Jan 2008	Message Posted: Sep 9, 2010 9:39:33 PM Ignore mstearno Report Abuse we're not the world power we used to be
Focus2 Champion Author Illinois Posts:6,311 Points:1,632,865 Joined:Mar 2006	Message Posted: Sep 9, 2010 9:37:57 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 9:35:41 PM Ignore ex911 Report Abuse it's just like forecasting the weather
DEG Champion Author Las Vegas Posts:15,412 Points:3,057,405 Joined:Jul 2003	Message Posted: Sep 9, 2010 9:35:09 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:4,671 Points:1,393,905 Joined:Mar 2006	Message Posted: Sep 9, 2010 9:35:00 PM Ignore woodeye55 Report Abuse Dart board forecasting.
craigsfrank Champion Author Arkansas Posts:1,541 Points:483,475 Joined:Jun 2010	Message Posted: Sep 9, 2010 9:34:17 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:5,634 Points:1,117,275 Joined:Nov 2008	Message Posted: Sep 9, 2010 9:33:22 PM Ignore abcdMA Report Abuse prices down, utilization down, jobs---down