By NEIL KING JR.
December 22, 2007
Oil-price prognosticators, bruised after an unusually volatile spell in the oil patch, have reached a rough consensus on next year: Oil will be even costlier, even if the economy cools.
Consumers are likely to pay a lot more at the pump, too. The Energy Department predicts that far higher average oil prices will force gasoline prices to even out at $3.11 next year, up 10% from the average price of $2.81 this year.
World crude prices have long tracked the thirst for oil in the U.S., which consumes about a quarter of the world’s oil output. But recent months have shown how decoupled the oil market is becoming from the economic ups and downs of the world’s largest energy consumer. read more
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