Raise Oil Prices News

Worldwide energy consumption grows by 60 percent over the next two decades, according to the reference case projection released today by the Energy Information Administration (EIA) in its annual forecast of international energy demand. way as their consuming patterns increasingly resemble those of the industrialized world (Figure 1). Energy markets were influenced by a host of developments in 2001. High world oil prices persisted from 2000 into the first half of 2001 and then weakened substantially in the third quarter of the year. States and the aftermath of the terrorist attacks on the United States on September 11, 2001. had in managing oil production cutbacks to raise oil prices in 2000.

forecast of international energy demand. patterns increasingly resemble those of the industrialized world. raise oil prices in 2000. industrialized (mainly Western Europe) and developing (mainly Central and South America) nations. 2001, and global oil demand is projected to expand by about 0.6 mbd in 2002. an annualized growth rate of 2.2%. almost 44 mbd over current production capacity by 2020. Latin America, and deepwater West Africa. future source of oil production in both Latin America and Africa.

Twelve U.S. lawmakers asked that President Bill Clinton, who has only two days left in office, re-impose a ban on exports of Alaskan crude oil in order to protect consumers on the United States' West Coast from high gasoline prices. In a letter to Clinton, the lawmakers cited recent news reports that BP Amoco exported Alaska North Slope crude to reduce supplies on the West Coast and raise oil prices in the region. The lawmakers making the export ban request include Senators Ron Wyden and Gordon Smith of Oregon, Barbara Boxer of California and Patty Murray of Washington. The lawmakers said secret oil company documents show that BP shipped Alaska crude to Asia even though the company earned less profit on the exported oil than it would have if it sold the same oil in West Coast markets.