EIA raises oil price projection to $52.64 per year – average may rise over $60 in summer, and projected to reach $62.92 for 2010

In Washington, the Energy Information Administration released a revision on projected oil prices for 2009, projecting that crude oil will average $52.64 per barrel for this year, up from a previous forecast of $42.06. With prices averaging in the $3 range for the first quarter, the price average implies an average crude oil price fro the remainder of the year in the $55 range, and with a 10-20 percent spike in summer prices, the summer price could reach as high as $66 per barrel. Confirming a long-term rising trend in oil prices, the EIA projected that West Texas Intermediate crude will average $62.92 a barrel for 2010, up  $9.75 a barrel or 18% from the EIA’s previous forecast.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

President Obama announces rise in average auto fuel economy to 35.5 mpg by 2016

In Washington, President Obama announced a series of auto efficiency standards, requiring an average fuel economy of 35.5 miles per gallon per automaker in 2016. The reductions will save an estimat...

USDA lowers ethanol corn use projection despite improving margins

In Washington, the USDA released new projections for ethanol production, saying "U.S. feed grain supplies for 2009/10 are projected higher this month with higher expected beginning stocks and producti...

Gas prices to increase up to 18 percent by summer, says OPIS; ethanol blending the only brake on prices as oil soars

The chief analyst for the Oil Price Information Service said that gasoline prices would rise to $3.50 to $3.75 a gallon by summer, but decline in the second half of the year. Tom Kloza said that he di...

Licht projects tighter ethanol fuel stocks in 2010

F.O. Licht has forecast a global ethanol surplus of around 185 million gallons in 2010, based on projected global consumption of 20.2 billion gallons. Licht managing director Christoph Berg told Reute...

US projected to have 64 percent market share of cellulosic ethanol by 2020

A new projection for global cellulosic ethanol production, based on published mandates and Brazilian estimates from UNICA, the sugar growers group, shows a production of 16.5 billion gallons in 2020.Ã...

US corn yields to 161.9 bushels per acre, from 153.9 last year

In Washington, the USDA released the September 11th World Agricultural Supply and Demand Estimate, and projected that US corn production will reach 13 billion bushels, based on average yields of 161.9...