Thursday, April 07, 2005

Oil Demand To Continue Skyward, Says IMF

Just as Reuters declared the oil bull dead, along comes the AP to end that party. Saying oil will stay over $50/bbl at least through this year and most likely into next year, the EIA also said to expect 20% price hikes for gasoline by the start of the summer driving season. And that doesn't even include California prices, which, according to the Los Angeles Times, "are expected to be substantially higher".