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Oil markets remain volatile

Published Friday, June 20, 2008

Oil markets are dealing with uncertain supply and high demand, causing crude oil prices to increase from $122 on June 4 to more than $138 on June 6, according to the latest Short-Term Energy Outlook released by the U.S. Energy Information Administration (EIA). In the past week, crude oil dropped again, to $131 per barrel, but EIA’s estimate for the year of $122 per barrel in 2008 is still $50 higher than last year’s $72 average. “Diesel fuel retail prices in 2008 and 2009 are projected to average $4.32 per gallon, up from $2.88 per ...

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