Oil prices are projected to remain well above $50 a barrel for years to come, resulting in a greater shift to more fuel-efficient cars and alternative energy sources, according to an analysis released Monday by the Energy Department.
The department’s Energy Information Administration now projects oil will cost an average $54 a barrel in 2025 and $57 a barrel in 2030 before inflation. Currently, crude oil prices have been hovering around $60 a barrel, briefly soaring as high as $70 earlier this year.
The analysis reflected a sharp change from the department’s projections a year ago when it predicted oil prices in constant dollars - not counting normal inflation - would decline to $31 a barrel by 2025.
In related news, three Energy Department Analysts were treated for head-in-their-assitis earlier this week.
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