Continued steady world oil demand growth, combined with only modest increases in world spare oil production capacity and the continuing risks of geopolitical instability, are expected to keep crude oil prices high through 2006.
The price of West Texas Intermediate (WTI) crude oil is projected to average $65 per barrel in 2006 and $61 in 2007. Retail regular gasoline prices are projected to average $2.50 per gallon in 2006 and $2.40 in 2007. Summer (April 1 to September 30) regular gasoline pump prices are expected to average $2.62 per gallon, 25 cents higher than last year's average of $2.37 per gallon. Retail diesel prices are also expected to average $2.62 per gallon this summer.
World oil market conditions, growth in
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