EIA revises forecasts

http://news.yahoo.com/s/ap/20080611/ap_on_bi_ge/congress_oil_prices

Energy Dept. says oil, gas prices to stay high

By H. JOSEF HEBERT, Associated Press Writer

WASHINGTON - The Energy Department says motorists can expect gasoline prices to remain close to $4 a gallon through next year.

Oil prices should remain well above $100 a barrel through 2009, says Guy Caruso, head of the department's Energy Information Administration.

Caruso told a House hearing in Washington on Wednesday that crude oil prices are likely to average $126 a barrel next year, $4 higher than this year. He said gasoline prices are expected to peak at $4.15 a gallon in August, but won't go down much. The agency projects gasoline averaging $3.92 a gallon through 2009.

Caruso said that oil prices are likely to stay high far into the future. He projected oil costing $107 a barrel in 2015.

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Not necessarily reality based, but an improvement over their prior fantasies. Maybe folks like airport and highway planners will begin to pay attention since it comes from an official US gov't source. I still find $107/ barrel in 2015 to be optimistic, to say the least.