Feds rescind prediction of oil price drop

Feds rescind prediction of oil price drop:

"WASHINGTON -- Oil prices are projected to remain well above $50 a barrel for years to come ... The analysis reflected a sharp change from the department's projections a year ago when it predicted oil prices in constant dollars -- not counting normal inflation -- would decline to $31 a barrel by 2025.

The report, issued Monday by the department's Energy Information Administration, now projects oil will cost an average $54 a barrel in 2025 and $57 a barrel in 2030 before inflation. Currently, crude oil prices have been hovering around $60 a barrel, briefly soaring as high as $70 earlier this year."