The US leader ventured to present his outlook for crude prices. Recently, even experts are cautious to make medium- and long-term forecasts. Like reputable commodity experts, the US President rested his forecast on fundamental factors.
Barack Obama said nowadays crude oil is too cheap, but it is set to rise. “Oil is a limited resource, and the process of its production will be more costly,” he added. The policymaker did not dare to specify a range of prices. However, he indicated the direction of the oil market that is worthy of note. In tune with the President’s outlook, the US Department of Energy posted an updated long-term forecast for global oil prices. The agency expects crude to increase to $141 per barrel by 2040. So, oil bulls could be encouraged by the optimistic sentiment.
At the same time, the US is serious about developing alternative energy sources. The government allocates large funds for their research and practical implementation. Nevertheless, despite keen support from the government, “green” energy is still not welcomed by consumers in the United States.
