Energy Information Administration projects $50 oil throughout 2009

The Energy Information Administration said that it expects oil prices to average $50 per barrel throughout 2009. The EIA released its “Short Term Energy Outlook” this week, which can be downloaded here. The report cited the global economic crisis as the cause of reduced global oil demand, and expects oil heating prices to be down 24 percent next year,with propane prices dropping 14 percent. US oil consumption is expected to fall by 5.8 percent, and domestic US oil production is expected to rise 6.5 percent in 2009.

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