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Most Americans likely expect the price of gasoline to one day reach the record highs we saw last summer. The question is not so much will the price soar again, but rather when will it.


According to the Energy Information Administration's 2009 outlook report released today, oil prices will return to $110 per barrel in 2015 and could go up to $200 per barrel in 2030, depending on supply


You'll recall that the nationwide price for a gallon of regular unleaded topped $4 when the barrel price of oil reached $147. But with taxes on gasoline expected to rise, the per-gallon price of gasoline will likely be significantly higher than $4 when the barrel price of oil revisits $147.


World energy consumption - the driving force behind higher gasoline prices - is forecast to increase by 44 percent from 2006 to 2030, the report says, with almost two-thirds of that coming from developing countries and fossil fuels that continue to dominate energy supply.


Developing countries are projected to increase demand by 73 percent by 2030 in the outlook's base reference case - EIA's analysis under current laws and policies - whereas developed countries will grow by 15 percent, the report says.


Liquids, including biofuels, will reportedly continue to be the primary energy source in the world's transportation sector unless there are "significant technological advances" and despite several policy changes.


Unconventional resources such as oil sands and biofuels will become increasingly competitive, accounting for about 13 percent of the world's liquid supply by 2030, according to the report.


The U.S. in particular will see an increase in biofuels, mostly in advanced cellulosic rather than corn-based ethanol, acting Administrator Howard Gruenspecht said at the report's release event in Washington.
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Tags: Alternative Fuels, Biofuels, China, Diesel, Energy Companies, Legislation, Natural Gas, Oil, Biofuels, Energy Information Administration, Gasoline Tax, Global Warming, Legislation, Oil Prices

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Study: Oil Prices Will Return to $110/Barrel in 2015, Possibly Hit $200/Barrel in 2030 was originally published by Green Car Advisor. Read the full story by clicking here.