Forecast and Review: US oil, gas demand to grow as economy recovers in 2002

US demand for oil and gas will increase this year, but the extent to which it does so will depend upon when and to what extent the US economy recovers.Oil demand will get a boost from lower prices of crude and petroleum products, but lower natural gas prices will offset some demand as fuel switching is curtailed. Gas demand will benefit from those lower prices, and reduced drilling will help to ease high inventories. Click here to enlarge imageUS oil production will be nearly unchanged this year, and stocks are forecast to finish the year at end-2001 levels. Motor gasoline demand is expected to be strong in 2002 while other petroleum products, especially jet fuel, will be in less demand....

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