The global landscape of oil is rapidly changing with "shockwaves" from supply growth in the U.S. due to shale gas, light tight oil as well as the Canadian oil sands extending to "virtually all recess of the global market" said the International Energy Agency.
Articles Tagged "OECD"
World Nuclear News reported on the latest study done by OECD's Nuclear Energy Agency concluded that nuclear and gas will compete to provide power generation to Europe.
Oil prices have risen steadily this quarter. Benchmark crude hit a 26-month high on Monday near $92 per barrel and is forecast by some analysts to be headed to $100, driven by quantitative easing in the United States and as data supporting robust growth in India and China drive demand. Analysts believe OPEC's evident reluctance to increase output and the prospect of continued dollar weakness add to the case for costlier oil in 2011.
In recent history, gas prices have generally followed a relatively seasonal pattern with prices rising during the summer driving season and falling after Labor Day. However, 2010 has seen a reversal in this pattern; the national average price has risen by 30 cents per gallon since Labor Day, the largest increase over that period since the 1990 inception of Energy Information Agency (EIA) weekly published retail gasoline price data. The current average price range in the US for the third week of December of approximately $2.98 per gallon is the second highest on record, eclipsed only by the 2007 average price reaching $3.00 per gallon.