A work in progress

摘要

The USA's power industry stands at an interesting juncture in its history. Power demand is a direct result of economic growth which in turn depends on oil prices. USA pump prices for the summer are now projected to average US$2.17 per gallon, as crude prices are now in the low-50s per barrel versus the high 50s. US crude oil inventories have improved, due to increased OPEC production. All good news, but not enough to rest easy. However in the USA and globally, petroleum demand remains robust, despite high oil prices. Projections for 2005 and 2006 expect global oil demand growth averaging 2.1 million barrels per day, or 2.5 per cent per year (down from 2004's 3.3 per cent growth). Geo-political risks, such as continued insurgency in Iraq and political unrest in Nigeria and Venezuela, will keep the uncertainty in world oil markets high and development of new supplies low.