February 6, 2011

Short-Term Energy Outlook

by the Energy Information Administration

- This edition of the Short-Term Energy Outlook is the first to include forecasts (monthly, quarterly and annual) through December 2012. EIA expects the price of West Texas Intermediate (WTI) crude oil to average about $93 per barrel in 2011, $14 higher than the average price last year. For 2012, EIA expects WTI prices to continue to rise, with a forecast average price of $99 per barrel in the fourth quarter 2012. EIA’s forecast assumes U.S. real gross domestic product (GDP) grows 2.2 percent in 2011 and 2.9 percent in 2012, while world real GDP (weighted by oil consumption) grows by 3.3 percent and 3.7 percent in 2011 and 2012, respectively.

EIA (2011). "Short-Term Energy Outlook." The Energy Information Administration, January 11, 2011 Release, Jan 2011.