Energy agency: Oil demand slowing, causes are many

[December 17, 2008]  WASHINGTON (AP) -- The government is predicting virtually no growth in U.S. oil consumption between now and 2030.

The Energy Information Administration attributes this trend to increases in conservation, a greater use of renewable fuels and an expected rebound in oil prices. The agency also said Wednesday that overall energy use will continue to increase, but at a slower rate.

Its long-range forecast projects a 3 percent annual growth of renewable energy use, including solar, wind and biofuels such as ethanol. It also expects a sharp increase in sales of hybrid cars.

While oil prices have fallen recently, the report says that prices will rise again as economies rebound and global demand increases.

[Associated Press]

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