The Energy Information Administration forecast that oil prices will dip below $60 per barrel this year, putting the Trump administration’s “Drill, Baby, Drill” goals further out of reach.
In its August Short-Term Energy Outlook released Tuesday, the statistical agency said it is expecting a “significant decline” in oil prices through 2025 and 2026 as global supply continues to outpace demand.
The EIA said it expects the price of international benchmark Brent crude to be around $58 per barrel in the fourth quarter of this year, marking the lowest average price seen in one quarter since 2020.
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“There’s a lot of uncertainty in the petroleum market. In the past, we have seen significant drops in oil price when inventories grow as quickly as we are expecting in
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