Friday, December 14, 2012

Just in from Washington

It Could Happen—Oil at $50 Per Barrel
Washington--Oil at $50 per barrel is a possibility in the next few years, according to some analysts. The booming U.S. oil industry could push oil prices lower.

Experts with Bank of America Merrill Lynch are currently forecasting U.S. oil prices to average about $90 per barrel over the next two years, with price drops to around $50 per barrel during that time. On the other hand, the analysts say that global oil prices, which most agree play a larger role in the price of U.S. gasoline, will remain high because growth in global oil supplies will continue to lag population growth and economic output.

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