U.S. Agency Still Sees $70 a Barrel Oil for the Rest of ‘06

CNN Money – Despite a drop of over $10 in the price of oil over the last few weeks to around $65 dollars a barrel, the government predicts crude will still average near $70 for the rest of 2006, according to a report released Tuesday.

In its monthly short-term energy outlook, the Energy Information Administration said 2006 and 2007 spot crude oil prices will average near $70 a barrel…

EIA said oil production capacity will increase only slightly in 2007, all of which will come from Saudi Arabia.
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