Energy Forecasting is Alchemy, Leaving Many Analysts Questioning Data

September 6, 2024--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--The statistical arm of the U.S. Energy Department expects global crude oil prices will be about 15% below 2022 levels next year, though some analysts question whether any long-term outlook is valid. The Energy Information Administration (EIA) is the data keeper for the Energy Department. Each month, it publishes a report highlighting forecasts for everything from natural gas production across the primary inland shale basins to global crude oil prices.