March 19, 2008

Short-Term Energy Outlook: March 2008

The slowing economy combined with high petroleum prices is expected to constrain growth in U.S. consumption of liquid fuels and other petroleum products to just 40,000 barrels per day (bbl/d) in 2008.  After accounting for increased ethanol use, U.S. petroleum consumption falls by 90,000 bbl/d.   U.S. real gross domestic product is expected to decline slightly in the first half of the year and then start growing again, with growth for 2008 as a whole at 1.3 percent, the slowest annual rate since 2001.

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