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Gold/Mining/Energy : Oil & Gas Price Economics -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (102)	4/27/1999 8:28:00 PM
From: Rod Copeland	Read Replies (3) \| Respond to of 350

Something I saw today on oil.online. Oil production forecast to drop in 1999, 2000 April 27, 1999 Low oil prices mean that domestic crude oil production will continue its current downward trend in 1999 and 2000, the Supply and Demand Committee of the Independent Petroleum Association of America (IPAA) said in a new forecast. The short-term forecast projected a 7.8 percent decline in crude oil production in 1999, to 5.75 million barrels a day, and a further 1.7 percent decline in 2000. IPAA said this would represent the lowest domestic output in more than 50 years. The Supply and Demand Committee forecast also said: a strong economy and normal weather are expected to drive total U.S. energy consumption to 92.89 quadrillion BTUs in 1999, an increase of 2.8 percent, and to 94.20 quads in 2000, a jump of 1.4 percent; natural gas consumption in 1999 will increase 3.2 percent to 21.97 Tcf; total domestic demand for petroleum products will increase by 1.9 percent in 1999, with economic growth offsetting the negative effects of the past year's weather; and oil imports will increase 3.1 percent in 1999 and 3.2 percent in 2000. The IPAA study also said oil imports are expected to comprise over 57 percent of total petroleum demand in 2000.