Oil Exec: Gas May Hit $1 Per Gallon

Posted on December 5th, 2008 by Tariq Nelson
Could we see these prices in 2009?

Could we see these prices in 2009?

All the current talk about alternative fuels is doing oil prices no good.

Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year.

Speaking at a South Shore Chamber of Commerce breakfast at Lombardo’s in Randolph, the Brockton native said that after speculators drove oil prices up, there is a chance that the market will overshoot on the way back down, resulting in much lower prices at the pump.

Gas prices have already sunk fairly rapidly this fall, reaching a statewide average of $1.85 for a gallon of regular-grade gasoline this week, following a plunge in crude oil prices.

To make matters worse (for the oil companies and producers) Merril Lynch is predicting $25/barrel oil soon

Filed under: Changing World

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3 Responses to “Oil Exec: Gas May Hit $1 Per Gallon”

  1. Amir, on December 5th, 2008 at 10:59 pm Said:

    NICE!!! This is good !

  2. Gas Prices May hit $1 in 2009! | Amir M. Sahib, on December 5th, 2008 at 11:02 pm Said:

    [...] Shout out to Tariq Nelson for sharing this. [...]

  3. Peaches, on December 6th, 2008 at 1:57 am Said:

    I would love for those prices to go down some more. I ‘m happy at the fact that ( at least where I live) the gas is below a 1.60 a gallon. So far , so good.

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