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EIA Report: In 25 Years Crude Oil Prices Will Hit Historic High of $252 per Barrel
On Friday May 13, the Energy Information Administration has issued its forecast for what oil prices might look like around 2040. Experts at the Administration suggested three scenarios: a negative, a positive and a realistic one. According to the positive scenario forecast, analysts saw a hike in oil prices up to an unprecedented figure of $252 per barrel in 25 years. This is contributed to a possible high rate of GDP growth in countries outside the Organization of Economic Co-operation and Development (OECD), as well the stable development of its member-states. The negative scenario eyes crude going at just $76 per ... (full story)