Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Timelord who wrote (1047)	3/6/2001 7:18:14 PM
From: excardog	Read Replies (1) \| Respond to of 23153

DOE today: DOE sees weaker energy demand Retail heating oil prices down 9 cents from Dec. average By Myra P. Saefong, CBS.MarketWatch.com Last Update: 4:31 PM ET Mar 6, 2001 WASHINGTON D.C. (CBS.MW) - U.S. and global energy demand will be weaker than previously expected in 2001, affected by forecasts for slower economic growth, according to a new long-term forecast released Tuesday by the Energy Department. The Energy Information Administration, the reporting arm of the Energy Department, believes the economy will grow at an average 2.2 percent annual rate in 2001, slightly lower than its February forecast of 2.6 percent. See latest energy outlook report. As a result of the lowered expectations for economic growth, the government agency expects growth in U.S. and worldwide to "increase less rapidly in 2001 than projected previously." The EIA pegged global oil demand growth at 1.5 million barrels per day, down from the 1.6 million barrels per day forecast last month. Total demand per day would be 77.2 million barrels this year, and 78.9 million barrels per day in 202. However, oil inventories in industrialized countries have continued to fall below expectations, the report said, offsetting most of the downward pressure on prices. The EIX expects that refiners will pay an average of $26.60 a barrel this year for crude, compared to $27.70 in 2000. Among the heating fuels, the U.S. natural gas supply picture seemed to have brightened a bit last month with average declines during February below normal. The nation will likely end the heating season with the total level of gas in storage below the previous low recorded by the EIA, the report said. Additionally, the increase in household gas bills for winter 2000 to 2001 will likely amount to 70 percent to 75 percent. Heating-oil prices for consumers will also be about 27 percent above last year's level, the EIA forecasted, but that's still "less dramatic" than the 40 percent projected in January. On the upside, average residential heating oil prices dropped to $1.32 a gallon in February from $1.37 a month earlier. The winter average is expected to be $1.36 a gallon, 8 percent below the EIA's January projection. Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.