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Page 14 of 35

Read online @ B A K K E N O I L B I Z . C O M / d i g i t a l - j o u r n a l 15 Greetings from It's all right here. Visit online or call to plan a trip to write home about! it's all right here 800-441-2642 Mercer County Fair July 13-16 Dakota Walleye Classic July 28-29 ‚ě§ continued, next page MARKET Predicting OIL THE We all want to know what the future holds. When it comes to the energy in- dustry, we want to know what's ahead for the price of oil. To answer that question, many research- ers and analysts devote themselves to gathering huge amounts of data that may contain the right clues. Wood Mackenzie, one of the world's leading energy and commodity research firms, is always doing its best to predict developments in the wide world of natural resourc- es. One area into which the firm puts a lot of ef- fort is forecasting trends in oil. As we know, that's a tough row to hoe. Despite the earnestness of their work, like most organiza- tions in the business of forecasting, they have a varied track record.. In 2013, the firm released a number of predictions about oil in 2017. The firm looked at prices, vol- umes, politics and more. How accurate were they? Well, results vary. For starters, at the time the report was released, in 2013, the price of West Texas Intermediate (WTI) crude oil was $93.50 a barrel. The firm predicted that from 2013 to 2017 prices would do no more than ease down slightly, dropping to an average of $91 a barrel. Where has WTI traded lately? In the neighborhood of $48 a barrel. Based on prices from the start of the year till now, the Energy Information Ad- ministration (EIA) estimates oil will av- erage about $49 a barrel for the year. By CHRIS BISCHOF

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