Crude Oil Prices Fall as U.S. Consumption Declines

Crude Oil prices have fallen from last week’s high of more than $145 dollars per barrel, and are trading today at around $138 per barrel. They’re heading back up today, however, on news that Iran has been test-firing missiles in response to U.S. and Israeli threats.

And, the Department of Energy released it’s Short Term Energy Outlook yesterday, predicting that oil prices would average $127 per barrel in 2008. Last year’s average price was $72 dollars. The report also shows that world oil consumption has continued to rise despite seven consecutive years of rising prices. Worldwide consumption is expected to increase through 2009, although U.S. consumption is expected to decline.

The video newscast containing this story is posted here.