EIA: Oil prices will stay above $100

By Purchasing Staff -- Purchasing, 5/8/2008 2:00:00 AM

For the first time ever, the Energy Department’s Energy Information Administration, issued a forecast in April that says oil prices will average more than $100/barrel for 2008. According to a revised forecast issued today in its Short-Term Energy Outlook, the EIA says West Texas Intermediate (WTI) crude oil prices, which averaged $72.32 in 2007, are projected to average $101/barrel in 2008 before declining slightly to $92.50/barrel in 2009.

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