Oil In April 2000

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

prices were expected to soar to a national average of as much as $1.80 a gallon and likely reach $2 a gallon in some places by July. So what’s changed between now and then? A key international oil meeting in Vienna, Austria. The EIA in its latest forecast assumed additional oil would begin hitting the U.S. market by June as a result of a decision March 28 by the Organization of Petroleum Exporting Countries. OPEC agreed to boost production by as much as 1.7 million barrels a day. Other non-OPEC producers also have said they would increase production. And production increases mean refilled petroleum stocks and lower prices for oil products including gasoline. ”We are more optimistic today. Some of the tightening of the market has improved,” said EIA Administrator Jay Hakes. Nationally, the average cost of regular grade gasoline was $1.52 a gallon in March, with the average for all grades, including premium, a nickel higher, the agency said. Revisions Still 25 Percent Higher But ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

CITE THIS PAGE: