EIA, U.S. Fed Express Growing Economic Concern

September 9, 2002--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--The U.S. Department of Energy (DOE) lowered its forecast for global demand of petroleum and liquid fuels for 2023, largely reflecting the economic headwinds outlined by the U.S. Federal Reserve.

Policymakers in the world's major economies are raising key interest rates in order to dampen runaway inflation. With a high price for natural gas in particular, triggered in part by the Russian war on Ukraine, inflation is running at decades-long highs. For the United States, inflation over the 12-month period ending in July was 8.5%, and the European Central Bank said it expected an 8.1% reading for full-year 2022.