Gulf Oil CEO says gas could hit $1 next year…
Color me skeptical:Gulf Oil CEO says gas could hit $1 next year...
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.
Merrill Lynch & Co., is predicting that oil will hit $25 a barrel.
I am happy that the prices have dropped. I would love to see $1.00/gallon, but I’ll believe it when I see it! I want to see us start drilling here at home, while at the same time, start seeing actual developments on the alternative fuel front!
