Gas under $1 a gallon??
Isn't amazing how things can change in a few months? You all remember what happened in July this summer when crude oil prices reached a record-breaking $147 a barrel pushing average prices at the U.S. pumps over $4.10 a gallon. Well, now Merrill Lynch Commodity Strategist Francisco Blanch and an Gulf Oil CEO Joe Petrowski are both predicting that crude oil prices may very well fall below $25 a barrel by early next year resulting to an unthinkable drop in gas prices to below a $1 a gallon!
"A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-OPEC cuts are required," Blanch said. "In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations." Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year. On Friday, crude oil prices fell to $43.64 a barrel with gas prices in the U.S. currently at $1,77 a gallon compared to $2.37 a month ago and $3.03 a year ago, according to AAA. link |
:drool: I can take DA Hemi out and not use all of the income!
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I actually paid $5 dollars per gallon at one point.
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V8 fans rejoice.
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I think they will go back up again if our economy heads back in the right direction...
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Either way - I hope I have the opportunity to fill up my camaro for $15...I'd love to go on a nice road trip! :popcorn: |
I paid 1.57 for gas today. I honestly cannot remember the last time I paid that. It's incredible what a difference a few months can make on the economy. I still see tons of cars on the road every day. I just don't see where the reduction in demand is coming from. Surely there are not that many hybrids on the road already?
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Yeah, I'll be serious and say that I've seen quite a few hybrids and Aveos on the roads more lately.. I still pay upwards of 1.65/gal. ;_; |
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Lower demand doesn't have much to do with hybrids, although they def. slow demand. I've noticed that in bigger cities people are getting more hybrids. However! the biggest reduction is b/c of the poor economy. People are shopping less, travelling less, less vacations, car pooling...I know a lot of my friends ride their bike to work or take the bus now. Also, trucks and SUVs don't sell anymore - more people are getting smaller cars. People driving a lot less in smaller cars that get great gas mileage = a HUGE difference! |
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Bob |
Believe it when i see it.
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funny to remember when .88/gal was high!
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It's gonna go back up again like it always does. horde it while you can, maybe you can store enough up during the winter months
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I just filled (8) 5-gallon containers that i had sitting in my garage at $1.42 a gallon. Put stabil in them and hope they will last a few months :)
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