Oil in April 2000

A detailed Summary of Oil in April 2000

W A S H I N G T O N, April 6 - The good news for consumers is gas prices are anticipated to drop this summer. But the bad news is the decline will be slow.

With an increase in international oil production as a backdrop, the Energy Department today dramatically revised its forecast for summer gasoline prices. The agency said prices should peak later this month and begin dropping sometime in May, averaging about $1.46 a gallon throughout the summer.

And there's even more good news: Gasoline prices may dip lower still by fall, according to the agency. Prices may fall to a national average of $1.39 after Labor Day, the department's Energy Information Administration said in its revised short-term forecast.

"By then I expect we will have started to see some economic growth deterioration and I think from there we probably will see demand start to come under some pressure," said Peter Beutel, president of Cameron Han

The agency's latest revision is still 25 percent higher than summer prices a year ago. The average motorist is expected to pay about $170 more for gasoline this summer than last, according to the EIA.

The EIA in its latest forecast assumed additional oil would begin hitting the U.S. market by June as a result of a decision March 28 by the Organization of Petroleum Exporting Countries. OPEC agreed to boost production by as much as 1.7 million barrels a day.

So what's changed between now and then? A key international oil meeting in Vienna, Austria.

The report also predicted that crude oil prices will continue to drop for the remainder of the year, assuming continued increases in world production.

Some common words found in the essay are:
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Approximate Word count = 643
Approximate Pages = 3 (250 words per page double spaced)

Category: Politics

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Oil in April 2000

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