Energy revenues are higher than expected because oil prices are higher than budget (oil is averaging $ per barrel as against the budget figure of $ per barrel while gas is averaging about $ per mmbtu (net back), compared with the budget estimate of $ mmbtu).
For the last several years, we've opened the first day with a keynote address or discussion that has added even more value to the Seminar, and for that session at least, broadened its audience. This year, we have deviated from our traditional keynote address, focusing our opening session on three emerging issues that are consuming the interest of central bankers here and elsewhere.