DENVER — Colorado consumers shouldn’t expect big relief from higher energy prices in 2023, but that’s not expected to prompt a surge in oil and gas drilling in the state.
Experts in oil and gas forecast crude oil prices will remain higher than they were pre-pandemic as global demand hits new highs, though likely not as high as they rose this summer.
A rise in domestic crude oil production plus steady releases from the U.S. Strategic Petroleum Reserve brought gasoline prices down from summer highs, but global demand for crude isn't likely to change even with a recession and U.S. domestics reserves hit the lowest level since 1984, said Dean Foreman, economist for the American Petroleum Institute.
“That leaves historically low margins for error,” he said, and that keeps upward pressure on crude prices.
>Read the full article at Denver Business Journal.
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