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Global Insight Testimony to the U.S. Senate Committee on Energy and Natural ResourcesOn 15 May, Kevin Lindemer, Executive Managing Director of Global Insight's Global Energy Group, testified before the U.S. Senate Energy and Natural Resources Committee on the outlook for this summer's crude oil markets and gasoline prices. Among the highlights of Mr. Lindemer's testimony were the expectation that crude oil will remain in the mid-$60s per barrel and that gasoline prices will weaken somewhat through the summer. Both are, however, vulnerable to supply-side events, particularly the political situation in Nigeria�a major supplier of gasoline and fuel-rich crude oils�and whether U.S. refinery operations can return to full production in time to meet seasonal demands. The body of Mr. Lindemer's testimony detailed the outlook for the global oil and U.S. gasoline markets, and expectations for demand, production, and prices. Included are assessments of both OPEC and non-OPEC production, global crude oil prices, refining margins in the United States, retail gasoline prices, U.S. gasoline production and imports, and ethanol and oxygenates production. Please click on the following link for the full report of the testimony: |