energy information administration short term outlook august 2002 1 overview world oil markets prices remained relatively high in july averaging close to the expectations reported average spot west texas intermediate wti price was approximately 27 per barrel as always a wide range of possibilities exists for movements over next year and half however given amount growth demand expected through 2003 we think that likely scenarios opec non output imply continued tightening lower commercial inventories support crude near or slightly above current levels mid is edge upward toward 30 by early under our base case assumptions figure summer motor gasoline update pump turned up first monthly increase since april small 5 cents gallon us regular exhibit notable stability fourth straight month 38
