Petroleum Industry Enjoys Banner 2005 ; Oil Prices Likely to Stabilize in '06, Analysts Say

Summary

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NEW YORK - Oil futures settled above $61 a barrel Friday and finished 40 percent higher than they started in 2005, capping a tough year for energy consumers but a great one for the petroleum industry as prices soared amid strong demand and tight supplies.

For similar reasons, there was an even sharper advance in 2005 in the price of natural gas, which surged more than 80 percent, making it extra expensive to produce electricity, manufacture goods and heat homes.

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Petroleum Industry Enjoys Banner 2005 ; Oil Prices Likely to Stabilize in '06, Analysts Say

Many analysts believe the average price of oil will be below $60 in 2006, but not by much as U.S. and Chinese economic g...

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