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Energy Literacy Advocates (ELA) is a non-partisan, non-profit, public education and advocacy group dedicated to improving the energy literacy of all sectors of our democracy in order to empower a comprehensive national energy policy that is responsible and sustainable. Stay tuned for updated energy news!
Tuesday, May 20, 2008
Goldman Sachs Forecasts Continued Rise in Oil Prices
Tuesday, May 20 - On Wall Street the price of oil hit $130 per barrel amidst market fears of inflation and supply concerns.
Amidst these concerns, Goldman Sachs issued a forecast that crude will reach $135 a barrel in the third quarter of 2008 and rise to $145 in the fourth quarter. While Saudi Arabia announced that they would increase production by 300,000 barrels a day (b/d) to 9.45 million b/d during June in order meet demand from US customers and President Bush, under pressure from a vote in Congress, halted additions to the US Strategic Petroleum Reserve, these measures are widely dismissed as too little to affect prices.
For the full article, click here.
Amidst these concerns, Goldman Sachs issued a forecast that crude will reach $135 a barrel in the third quarter of 2008 and rise to $145 in the fourth quarter. While Saudi Arabia announced that they would increase production by 300,000 barrels a day (b/d) to 9.45 million b/d during June in order meet demand from US customers and President Bush, under pressure from a vote in Congress, halted additions to the US Strategic Petroleum Reserve, these measures are widely dismissed as too little to affect prices.
For the full article, click here.
Labels: economy, oil price, oil supply/demand
posted by Amanda Voss at 1:19 PM
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