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According to the report, Pelosi sent a letter to President Bush on the 8th asking him to release part of his preparedness and reserve oil to curb oil prices. Before Pelosi demanded the release of strategic oil reserves, the US Department of Energy had predicted that until the end of next year, US gasoline prices would remain above US$4 per gallon. The White House said that strategic oil reserves can only be used in the event of severe supply disruptions. White House Spokesman Shi Danze said, "In the past, the use of oil reserves to influence oil prices has never worked."
According to reports, the current U.S. reserve level is about 705 million barrels, which is equivalent to 35 days of U.S. domestic oil consumption. If the United States sells 100 million barrels of strategic reserve oil, it will bring a huge impact on the market, thus reducing the price of oil.
The U.S. Department of Energy raised its forecast for oil prices. The U.S. Department of Energy released its monthly “Short-Term Energy Outlook†report on the 8th and raised its forecast for the average price of U.S. crude oil and refined oil in 2008. The report estimates that the average West Texas Intermediate (WTI) price for this year will be 127.39 US dollars per barrel, which is higher than the 122.15 US dollars estimated in June, which is a 76% increase compared with the average price of 72.32 US dollars last year.
The U.S. Department of Energy believes that global oil demand is strong and supply is uncertain. It is expected that the global average daily crude oil demand this year will increase by 860,000 barrels compared to last year, reaching 86.4 million barrels. On the supply side, the report pointed out that non-OPEC oil-producing countries’ output growth was not as strong as originally expected. The average daily crude oil production this year is expected to increase by 240,000 barrels from the previous year to 49.38 million barrels, a decrease of 70,000 barrels compared with the previous forecast.
The Department of Energy also predicts that from April to September of this year (traditional gasoline demand peak season), the average price of regular gasoline in the United States will be US$3.985 per gallon, which is higher than the previous forecast of US$3.95. The average price of gasoline in the United States last summer was US$2.935 per gallon. In terms of natural gas, the average wholesale price of natural gas in the US market this year is estimated to be 11.86 U.S. dollars per 1,000 cubic feet, which is higher than the previous forecast of 11.05 U.S. dollars, which is 65% higher than the average price of 7.17 U.S. dollars last year.
US Petroleum Daily Demand Decline Reported that the Energy Information Administration (EIA) said on Tuesday that US crude oil demand is expected to drop by nearly 2% in 2008, and that daily demand decreased by approximately 410,000 barrels to 20.29 million barrels, a record since 2003. The lowest level. The forecast for the previous month was that daily demand decreased by nearly 300,000 barrels.
It is expected that the demand for US crude oil will only increase slightly in 2009 to 20.33 million barrels.
According to the OPEC financial report, EIA expects that OPEC (OPEC) oil export revenue this year will reach a record level of $1.251 trillion, which is $73 billion more than originally expected. It is expected to jump by 86% from the 671 billion in 2007, and is expected to increase by 6% to 1.322 trillion US dollars in 2009.
In the first half of this year, OPEC member countries’ oil export revenue reached 645 billion U.S. dollars. As of June this year, Iraq’s oil revenue reached 39 billion U.S. dollars, an increase of 1 billion U.S. dollars from last year.
US refuses to use strategic oil reserves
According to the Hong Kong Commercial Daily, the White House on Tuesday rejected the call for the Speaker of the House of Representatives, Pelosi, to demand the release of strategic oil reserves to push down fuel prices. Analysts believe that because the use of strategic petroleum reserves is also a way to curb oil prices, the U.S. government refused to adopt this method and it is difficult to achieve a drop in oil prices in the short term.