{ "id": "RS22204", "type": "CRS Report", "typeId": "REPORTS", "number": "RS22204", "active": true, "source": "EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source": "EveryCRSReport.com", "id": 617799, "date": "2020-02-24", "retrieved": "2020-02-24T23:08:56.834414", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Exports and imports of petroleum products and changes in their prices have long had a large impact on the U.S. balance of payments, often serving as a major component in the U.S. trade deficit. Over the past decade, however, this has changed. Currently, petroleum prices are having less of an impact on the U.S. balance of payments primarily due to the growth in U.S. exports of petroleum products; in the last four months of 2019, U.S. exports of petroleum products exceeded imports. While this represents a major step in achieving energy independence, the United States remains a major net importer of crude oil and questions remain about the sustainability of some U.S. energy exports. The share of petroleum products in the overall U.S. trade deficit has fallen from around 47% in December 2010 to -0.1 in December 2019. Recently, imported petroleum prices fell from an average of $58.86 per barrel of crude oil in 2018 to an average price of $53.31 per barrel in 2019, or a decline of 8.4%. Average prices rose to $60.00 per barrel in May 2019, following the annual trend of rising energy prices heading into the summer months, before declining in the fall and winter. Energy prices respond to both geopolitical events and long-term economic trends in demand and supply of energy products.\nOn December 13, 2019, petroleum prices rose in some markets to $65 per barrel amid concerns over cutbacks in production by the Organization of the Petroleum Exporting Countries (OPEC) and prospects of higher demand in 2020. Market oil prices also experienced a short run-up in early January 2020 in response to military actions by the United States and Iran, but returned to their pre-crisis levels within a few days. The combination of lower average petroleum import prices and lower average petroleum import volumes in 2019 resulted in a drop in the overall value of U.S. imports of petroleum products of about 16% compared with 2018. \nIn general, market demand for petroleum products remains highly resistant to changes in prices and reflects the unique nature of the demand for and the supply of energy-related products. Turmoil in the Middle East continues to be an important factor that creates uncertainty in global petroleum markets. In addition, a slowdown in the rate of economic growth in China and India, combined with mixed data on economic growth and prospects for developed economies are creating uncertainties in the global petroleum market. The global market price of oil is also affected by fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of OPEC, and the uncertain prospect of Iranian supplies of oil. Oil futures markets in January 2020 indicate that oil traders expect crude oil prices to move in a range of $56 to $60 dollars per barrel through 2020. This report provides an estimate of the initial impact of the changing energy prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/RS22204", "sha1": "891d66891261dc01113b7a9b27c4f4c1264419f9", "filename": "files/20200224_RS22204_891d66891261dc01113b7a9b27c4f4c1264419f9.html", "images": { "/products/Getimages/?directory=RS/html/RS22204_files&id=/5.png": "files/20200224_RS22204_images_292a81caec76804e0847c5a82d90921c90043e01.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/1.png": "files/20200224_RS22204_images_dac068344a45fb11cdb1e290f7a1b87c6f213be7.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/4.png": "files/20200224_RS22204_images_f15ae72dac5d55068a77005010e9892d610619fa.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/3.png": "files/20200224_RS22204_images_4283347265406695002761d5edc0b51b624ffd48.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/6.png": "files/20200224_RS22204_images_4a953ecdef006286933912e246920d8cc327506f.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/0.png": "files/20200224_RS22204_images_5f51caaffc10febf5b6be98b4b68a17c0f10e514.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/2.png": "files/20200224_RS22204_images_ad5a7b4cc37ed0b702966e6a209647246f3ecd04.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/RS22204", "sha1": "3954b12390e76b3b2a24d41f7980d4fc6775671d", "filename": "files/20200224_RS22204_3954b12390e76b3b2a24d41f7980d4fc6775671d.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 617052, "date": "2020-02-11", "retrieved": "2020-02-13T23:21:00.676286", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Exports and imports of petroleum products and changes in their prices have long had a large impact on the U.S. balance of payments, often serving as a major component in the U.S. trade deficit. Over the past decade, however, this has changed. Currently, petroleum prices are having less of an impact on the U.S. balance of payments primarily due to the growth in U.S. exports of petroleum products; in the last four months of 2019, U.S. exports of petroleum products exceeded imports. While this represents a major step in achieving energy independence, the United States remains a major net importer of crude oil and questions remain about the sustainability of some U.S. energy exports. The share of petroleum products in the overall U.S. trade deficit has fallen from around 47% in December 2010 to -0.1 in December 2019. Recently, imported petroleum prices fell from an average of $58.86 per barrel of crude oil in 2018 to an average price of $53.31 per barrel in 2019, or a decline of 8.4%. Average prices rose to $60.00 per barrel in May 2019, following the annual trend of rising energy prices heading into the summer months, before declining in the fall and winter. Energy prices respond to both geopolitical events and long-term economic trends in demand and supply of energy products.\nOn December 13, 2019, petroleum prices rose in some markets to $65 per barrel amid concerns over cutbacks in production by the Organization of the Petroleum Exporting Countries (OPEC) and prospects of higher demand in 2020. Market oil prices also experienced a short run-up in early January 2020 in response to military actions by the United States and Iran, but returned to their pre-crisis levels within a few days. The combination of lower average petroleum import prices and lower average petroleum import volumes in 2019 resulted in a drop in the overall value of U.S. imports of petroleum products of about 16% compared with 2018. \nIn general, market demand for petroleum products remains highly resistant to changes in prices and reflects the unique nature of the demand for and the supply of energy-related products. Turmoil in the Middle East continues to be an important factor that creates uncertainty in global petroleum markets. In addition, a slowdown in the rate of economic growth in China and India, combined with mixed data on economic growth and prospects for developed economies are creating uncertainties in the global petroleum market. The global market price of oil is also affected by fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of OPEC, and the uncertain prospect of Iranian supplies of oil. Oil futures markets in January 2020 indicate that oil traders expect crude oil prices to move in a range of $56 to $60 dollars per barrel through 2020. This report provides an estimate of the initial impact of the changing energy prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/RS22204", "sha1": "7680faa002339efec1fc784295d7d79d950a3eac", "filename": "files/20200211_RS22204_7680faa002339efec1fc784295d7d79d950a3eac.html", "images": { "/products/Getimages/?directory=RS/html/RS22204_files&id=/5.png": "files/20200211_RS22204_images_292a81caec76804e0847c5a82d90921c90043e01.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/1.png": "files/20200211_RS22204_images_d0a8a2e6185b620d85a409723c48f4c117c5fafc.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/4.png": "files/20200211_RS22204_images_fb388c1760f21207744ba9bcc5b0b6e6e538862a.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/3.png": "files/20200211_RS22204_images_9afcf48737d526a1a1e41d43efd132371297112a.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/6.png": "files/20200211_RS22204_images_4a953ecdef006286933912e246920d8cc327506f.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/0.png": "files/20200211_RS22204_images_5f51caaffc10febf5b6be98b4b68a17c0f10e514.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/2.png": "files/20200211_RS22204_images_faf151c2e579c9ab1e5c42e1af0dc29c94e2b7b4.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/RS22204", "sha1": "f95d7b4758b591c7b58f33c9737aebb8c0bde728", "filename": "files/20200211_RS22204_f95d7b4758b591c7b58f33c9737aebb8c0bde728.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 615400, "date": "2020-01-30", "retrieved": "2020-01-30T23:01:33.794828", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Exports and imports of petroleum products and changes in their prices have long had a large impact on the U.S. balance of payments, often serving as a major component in the U.S. trade deficit. Over the past decade, however, this has changed. Currently, petroleum prices are having less of an impact on the U.S. balance of payments primarily due to the growth in U.S. exports of petroleum products; in September, October, and November 2019, U.S. exports of petroleum products exceeded imports. While this represents a major step in achieving energy independence, the United States remains a major net importer of crude oil and questions remain about the sustainability of some U.S. energy exports. The share of petroleum products in the overall U.S. trade deficit has fallen from around 47% in December 2010 to -1.3% in November 2019. Recently, imported petroleum prices fell from an average of $58.86 per barrel of crude oil in 2018 to an average price of $53.48 per barrel in the January through November period of 2019, or a decline of 9.0%. Average prices rose to $60.00 per barrel in May 2019, following the annual trend of rising energy prices heading into the summer months, before declining in the fall and winter. Energy prices respond to both geopolitical events and to long-term economic trends in demand and supply of energy products.\nOn December 13, 2019, petroleum prices rose in some markets to $65 per barrel amid concerns over cutbacks in production by the Organization of the Petroleum Exporting Countries (OPEC) and prospects of higher demand in 2020. Market oil prices also experienced a short run-up in early January 2020 in response to military actions by the United States and Iran, but returned to their pre-crisis levels within a few days. The combination of lower average petroleum import prices and lower average petroleum import volumes in the January-November period of 2019 resulted in a drop in the overall value of U.S. imports of petroleum products of about 17% compared with the same period in 2018. \nIn general, market demand for petroleum products remains highly resistant to changes in prices and reflects the unique nature of the demand for and the supply of energy-related products. Turmoil in the Middle East continues to be an important factor that creates uncertainty in global petroleum markets. In addition, a slowdown in the rate of economic growth in China and India, combined with mixed data on economic growth and prospects for developed economies are creating uncertainties in the global petroleum market. The global market price of oil is also affected by fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of OPEC, and the uncertain prospect of Iranian supplies of oil. Oil futures markets in January 2020 indicate that oil traders expect crude oil prices to move in a range of $56 to $60 dollars per barrel through 2020. This report provides an estimate of the initial impact of the changing energy prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/RS22204", "sha1": "70d61f736b86695b623130b3bff3862522f45172", "filename": "files/20200130_RS22204_70d61f736b86695b623130b3bff3862522f45172.html", "images": { "/products/Getimages/?directory=RS/html/RS22204_files&id=/5.png": "files/20200130_RS22204_images_292a81caec76804e0847c5a82d90921c90043e01.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/1.png": "files/20200130_RS22204_images_d0a8a2e6185b620d85a409723c48f4c117c5fafc.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/4.png": "files/20200130_RS22204_images_fb388c1760f21207744ba9bcc5b0b6e6e538862a.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/3.png": "files/20200130_RS22204_images_9afcf48737d526a1a1e41d43efd132371297112a.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/6.png": "files/20200130_RS22204_images_4a953ecdef006286933912e246920d8cc327506f.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/0.png": "files/20200130_RS22204_images_5f51caaffc10febf5b6be98b4b68a17c0f10e514.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/2.png": "files/20200130_RS22204_images_9dbd581b69f12b0d16e162c744c4f08866044610.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/RS22204", "sha1": "4fc4a262fde1d1eadff115bd8b9985b840865711", "filename": "files/20200130_RS22204_4fc4a262fde1d1eadff115bd8b9985b840865711.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 579890, "date": "2018-04-04", "retrieved": "2018-04-09T13:07:30.872701", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Imported petroleum prices fell from an average price of $91.23 per barrel of crude oil in 2014 to an average price of $32.60 per barrel in 2016, or a drop of more than 60%. This represents the lowest price per barrel of crude oil since early 2005. During 2017, the average monthly price per barrel of oil rose nearly 20% to reach an average of $52 per barrel by December 2017 and continued rising in 2018 to reach nearly $70 per barrel in early April 2018. Reflecting rising prices, the volume of crude oil imports for 2017 was nearly flat for the year compared with volume changes in 2016. The rise in the average price of a barrel of crude oil combined with a slight increase in the amount, or the volume, of oil imports in 2017 compared with 2016 resulted in a nearly 30% increase in the overall value of imported crude oil and a slight increase in the share of the total U.S. merchandise trade deficit that is associated with the trade deficit in energy imports.\nIn general, market demand for oil remains highly resistant to changes in oil prices and reflects the unique nature of the demand for and the supply of energy-related imports. Turmoil in the Middle East is an important factor that continues to create uncertainty in global petroleum markets and was one of the most important factors in causing petroleum prices to rise sharply in early 2011 and in 2012. A slowdown in the rate of growth in the Chinese economy, combined with a rising in raw material prices, an increase in the rate of economic growth among commodity-exporting developing economies, and improved prospects of growth among many of the major developed economies, all have pushed up demand for energy products. Fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of the Organization of the Petroleum Exporting Countries (OPEC), and the potential impact of new Iranian supplies of oil also have worked to push up the global market price of oil. Oil futures markets in April 2018 indicate that oil traders expect crude oil prices to trend in the range of $63 per barrel through 2018, below early April 2018 market prices. At current prices and volumes, energy imports in 2018 are projected to rise to about $200 billion, or about $25 billion more than in 2017. This report provides an estimate of the initial impact of the changing oil prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS22204", "sha1": "0a37ea2a726e7c0e069f0b16431441bfd9a97b6f", "filename": "files/20180404_RS22204_0a37ea2a726e7c0e069f0b16431441bfd9a97b6f.html", "images": { "/products/Getimages/?directory=RS/html/RS22204_files&id=/5.png": "files/20180404_RS22204_images_d2c0df8ad71a92d798468b87f41f8c10d4341a16.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/1.png": "files/20180404_RS22204_images_49ed2afaceb5ccdc5ddaca15dc27b0e586396402.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/4.png": "files/20180404_RS22204_images_71899db69a0b2fd4054727d187b356e346633362.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/3.png": "files/20180404_RS22204_images_5b02a4713008e1f1c4b27044763dc971a1975908.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/0.png": "files/20180404_RS22204_images_6abf91e642fff5910fcd6e943c01dc96fafffc68.png", "/products/Getimages/?directory=RS/html/RS22204_files&id=/2.png": "files/20180404_RS22204_images_1d8c439a0d53b4a470174c604e7b42a14878a753.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS22204", "sha1": "8d9b89e15cea989b21f91f663c69f571419b041a", "filename": "files/20180404_RS22204_8d9b89e15cea989b21f91f663c69f571419b041a.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 458581, "date": "2017-01-25", "retrieved": "2017-02-03T19:12:11.320012", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Imported petroleum prices fell from an average price of $91.23 per barrel of crude oil in 2014 to an average price of $32.60 per barrel in 2016, or a drop of more than 60%. This represents the lowest price per barrel of crude oil since early 2005. During 2016, the average monthly price per barrel of oil slipped below $30 at times, although prices edged upward to over $50 per barrel by year-end. Reflecting lower prices, the volume of crude oil imports for 2016 rose by 6.5% through November compared with the same period in 2015. The sharp decline in the average price of a barrel of crude oil combined with a slight increase in the amount, or the volume, of oil imports in 2016 compared with 2015 resulted in a sharp drop in the overall value of imported crude oil and a drop in the share of the total U.S. merchandise trade deficit that is associated with the trade deficit in energy imports.\nIn general, market demand for oil remains highly resistant to changes in oil prices and reflects the unique nature of the demand for and the supply of energy-related imports. Turmoil in the Middle East is an important factor that continues to create uncertainty in global petroleum markets and was one of the most important factors in causing petroleum prices to rise sharply in early 2011 and in 2012. A slowdown in the rate of growth in the Chinese economy, combined with a collapse in raw material prices, a slowdown in the rate of economic growth among commodity-exporting developing economies, and continued slow rates of growth among many of the major developed economies, all have held down demand for energy products, despite the sharp drop in prices that typically would stimulate demand. Fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of the Organization of the Petroleum Exporting Countries (OPEC), and the potential impact of new Iranian supplies of oil also have worked to push up the global market price of oil. Oil futures markets in January 2017 indicate that oil traders expect crude oil prices to trend in the range of $55 per barrel through 2017, somewhat higher than early 2016 futures prices. This report provides an estimate of the initial impact of the changing oil prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS22204", "sha1": "b76d570c6613bea0b60c26024542ae2652037d56", "filename": "files/20170125_RS22204_b76d570c6613bea0b60c26024542ae2652037d56.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS22204", "sha1": "cd32615537d4985cba761676744885805b46ee09", "filename": "files/20170125_RS22204_cd32615537d4985cba761676744885805b46ee09.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 455120, "date": "2016-08-16", "retrieved": "2016-11-28T21:45:52.184088", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Imported petroleum prices fell from an average price of $91.23 per barrel of crude oil in 2014 to an average price of $47.28 per barrel in 2015, or a drop of 48%. This represents the lowest price per barrel of crude oil since early 2009, when the global economy was slowing sharply. Through June 2016, the price per barrel of oil slipped below $30 at times. Similarly, the volume of crude oil imports for 2015 fell by 1.4% from the amount imported in 2014. The sharp decline in the average price of a barrel of crude oil combined with the drop in the amount, or the volume, of oil imports in 2015 compared with 2014 not only resulted in a drop in the overall value of imported crude oil, but also a sharp drop in the share of the total U.S. merchandise trade deficit that is associated with the trade deficit in energy imports. Although oil import volumes increased in the January through June period in 2016 compared with the similar period in 2015, the overall value of oil imports dropped by one-third due to lower per barrel import prices.\nIn general, market demand for oil remains highly resistant to changes in oil prices and reflects the unique nature of the demand for and the supply of energy-related imports. Turmoil in the Middle East is an important factor that continues to create uncertainty in global petroleum markets and was one of the most important factors in causing petroleum prices to rise sharply in early 2011 and in 2012. A slowdown in the rate of growth in the Chinese economy, combined with a collapse in raw material prices, a slowdown in the rate of economic growth among commodity-exporting developing economies, and continued slow rates of growth among many of the major developed economies, all have held down demand for energy products, despite the sharp drop in prices that typically would stimulate demand. Fluctuations in U.S. energy production, uncertainty concerning oil production decisions by various members of the Organization of the Petroleum Exporting Countries (OPEC), and the potential impact of new Iranian supplies of oil also have worked to push up the global market price of oil. Oil futures markets in August 2016 indicate that oil traders expect crude oil prices to trend in the range of $47-$49 per barrel by the end of the year, substantially higher than early 2016 futures prices. This report provides an estimate of the initial impact of the changing oil prices on the nation\u2019s merchandise trade balance.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/RS22204", "sha1": "4dc0aa4adeb23dd92c6c50614b46da483a6e0cdd", "filename": "files/20160816_RS22204_4dc0aa4adeb23dd92c6c50614b46da483a6e0cdd.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/RS22204", "sha1": "238e23c46de66199028788fe35a97367fb484b1a", "filename": "files/20160816_RS22204_238e23c46de66199028788fe35a97367fb484b1a.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4812, "name": "Fossil Energy" } ] }, { "source": "EveryCRSReport.com", "id": 450226, "date": "2016-02-25", "retrieved": "2016-04-06T17:00:52.093070", "title": "U.S. Trade Deficit and the Impact of Changing Oil Prices", "summary": "Imported petroleum prices fell from an average price of $91.23 per barrel of crude oil in 2014 to an average price of $47.428 per barrel in 2015, or a drop of 48%. This represents the lowest price per barrel of crude oil since early 2009, when the global economy was slowing sharply. In early 2016, the price per barrel of oil slipped below $30 at times. Similarly, the volume of crude oil imports for 2015 fell by 1.4% from the amount imported in 2014. The sharp decline in the average price of a barrel of crude oil combined with the drop in the amount, or the volume, of oil imports in 2015 compared with 2014 not only resulted in a drop in the overall value of imported crude oil, but also a sharp drop in the share of the total U.S. merchandise trade deficit that is associated with the trade deficit in energy imports.\nIn general, market demand for oil remains highly resistant to changes in oil prices and reflects the unique nature of the demand for and the supply of energy-related imports. Turmoil in the Middle East is an important factor that continues to create uncertainty in global petroleum markets and was one of the most important factors in causing petroleum prices to rise sharply in early 2011 and in 2012. A slowdown in the rate of growth in the Chinese economy, combined with a collapse in raw material prices, a slowdown in the rate of economic growth among commodity-exporting developing economies, and continued slow rates of growth among many of the major developed economies, all have held down demand for energy products, despite the sharp drop in prices that typically would stimulate demand. Also, increased production of energy products in the United States, an inability by the Organization of the Petroleum Exporting Countries (OPEC) to curtail production among its members, and the potential impact of new Iranian supplies of oil also have worked to push down the global market price of oil. Oil futures markets in February 2016 indicate that oil traders expect crude oil prices to trend in the range of $35-$40 per barrel through the end of 2016. 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