Growth in US oil consumption to slow significantly

The latest Annual Energy Outlook (AEO) from the Energy Information Administration (EIA) has forecast virtually no growth in 2009 US oil consumption for the first time in more than 20 years.

AEO 2009 projects liquid fuel demand will grow by 1 million barrels per day between 2007 and 2030. In addition, the increased use of domestically-produced biofuels and rising domestic oil production spurred by higher prices will mean the net import share of total liquids supplied (including biofuels) will decline by 58% in 2007 to below 40% in 2025. It will then increase to 41% in 2030.

According to the AEO 2009 reference case, the average real price of crude oil will be $130 per barrel in 2007

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