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Crude oil prices continued an upward trend Tuesday but fell once again by Wednesday afternoon, when West Texas Intermediate was down $4.61 and trading at $48.44 per barrel.
The number of onshore oil and gas wells in the U.S. will fall 26 percent this year to 27,000, research firm Wood Mackenzie said in a new report published Thursday.
Gasoline prices could fall an average of 10 to 20 cents per gallon in the coming weeks, following a decline in oil prices.
U.S. motorists can expect to pay about $3.57 for a gallon of gasoline this summer, about the same as last year, government economists predicted Tuesday.
Dow Chemical and other big industrial users of natural gas are imploring the Obama administration to stop approving licenses to broadly export the fossil fuel.
U.S. oil production is on track to reach a near historic high by 2016, before leveling off and eventually beginning to taper in 2020, according to a new federal forecast.
Natural gas and nuclear power could help meet a surging demand for electricity across the globe over the next three decades as growing environmental concerns and costs start to price coal out of the market, Exxon Mobil predicted today.
The International Energy Agency cut global oil demand forecasts for this year and next as the economic recovery falters.