Friday, June 17, 2005

energy estimates

Oil prices are expected to remain high for the balance of the year -- peaking at $62 a barrel -- it is believed that prices will drop within the next five years, a survey of energy executives and institutional investors found at RBC Capital Markets 2005 North American Energy and Power Conference in Boston. Of those polled, two-thirds expect oil prices to fall back to $35 a barrel in the next five years, while nearly one-third said it could reach $100 a barrel in the same time-frame. Respondents also indicated that they believe oil prices will retreat to roughly $53 a barrel by year end. When asked about the average price at the pump this year, survey respondents believed prices would be about $2.60 a gallon. Separately, individuals predicted that natural gas would sell for $7.70 per million cubic feet (Mcf) by the end of the year, up significantly from last winter's $6.24 price.

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