U.S.: Oil Output to Near Record, Prices Stay Tame

The Associated Press

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The Energy Department says the nation's energy picture is getting ever rosier. Production is rising, consumption is slowing, and prices are expected to remain in check.

According to the Energy Department's annual outlook, domestic oil output may regain the peak it reached in 1970 over the next two years and gasoline prices will fall over the same period to just over $3 per gallon.

Natural gas production and use will continue to soar, demand for gasoline will fall, and energy-related emissions of carbon dioxide will remain below 2005 levels for the next quarter-century.

The outlook, produced every year by the Energy Information Administration, projects U.S. production, consumption, and prices for energy through 2040. On Monday the EIA revealed the first part of the outlook, its "reference case," which assumes stable domestic and global markets and policies.

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