$1 per Gallon Gas? Cumberland Farms CEO Says It May Be

One day after a petroleum industry expert said oil prices will likely bottom out at $40 to $50 per barrel next year, Gulf Oil and Cumberland Farms CEO Joe Petrowski said the price of oil could sink to as low as $20 per barrel and pump prices may plummet to $1 per gallon by early next year.
"The oil market is a manic-depressive market. It tends to over shoot," said Petrowski told WCVB-TV in Boston. "The market overshot last summer on the high side. Oil should never should have gone to $147, but it did and it can."
Now Petrowski believes the slide in oil prices will continue and overshoot on the low side. "There is a better than 25-percent probability that we'll see oil go as low as $1 a gallon sometime after the first of the year," he said.
Dramatically lower gas prices would essentially be similar to a rebate check for consumers, he said. The drop may even help ease the country out of the recession.
What will you do with the money saved at the pump?


Anonymous said...

Try to catch up on bills.

Anonymous said...

Maybe with the extra money saved from the gas prices I'll buy some much needed snow tires. (what a storm!)