[Editors Note: Well, that is helpful… Might go up, might go down, might not move at all.]
The Annual Energy Outlook 2012 (AEO2012) presents three alternative paths for world oil prices based on different production and economic assumptions. Among these cases, the real (constant 2010 dollars) oil price in 2035 ranges from $62 per barrel in the Low Oil Price case to $200 per barrel in the High Oil Price case, with the Reference case at $145 per barrel.
The oil price in AEO2012 is defined as the average price of light, low-sulfur crude oil delivered to Cushing, Oklahoma, which is similar to the price for light, sweet crude oil traded on the New York Mercantile Exchange (West Texas Intermediate, or WTI).
Factors considered in AEO2012 that affect supply, demand, and prices for petroleum in the long term are:
World demand for petroleum and other liquids
Organization of the Petroleum Exporting Countries (OPEC) investment and production decisions
The economics of non-OPEC petroleum supply
The economics of other liquids supply