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Published Monday, December 08, 2008 in Local
$1-gallon gasoline forecast
The Newnan Times-Herald
Crude oil hit its lowest price in four years on Friday, and some analysts are predicting gas could go as low as $1 in the next several months.
Crude closed at $40.81 Friday, down nearly $14 for the week. But prices inched up a bit Monday, with crude closing at $43.71 on the New York Mercantile Exchange. The rise in oil prices was part of an overall stock market rally Monday. However, it was also fed by the announcement by the president of OPEC that the organization might impose severe production cuts.
Monday evening, the J.P. Marathon on Bullsboro Drive was offering regular unleaded for $1.49 a gallon. Race Trac and Quik Trip had regular for $1.51.
The Atlanta-area average on Monday was $1.606, and the national average was $1.716.
Last week's decline in crude oil was undoubtedly triggered by the U.S. Department of Labor's report of 533,000 job losses in November and an unemployment rate of 6.7 percent -- the highest in 15 years, said Gregg Laskoski, managing director of public relations for AAA Auto Club South, which tracks gas prices.
"The oil industry analysts who last week said crude oil 'may test the $40 level before the end of the year' have revised that 40 to a 30," Laskoski said, "believing that the recession may push crude prices considerably lower."
Generally, every $10 drop in the price of crude oil equals a 25 cent decrease in the price at the pump, Laskoski said.
"However, many oil industry experts now speculate that retail gasoline could go as low as $1 per gallon in many markets perhaps within a few months."
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The news media is moving the price of oil lower and that is not a good thing for the USA.It is however a good thing for the economy for a short time.We have to remember the USA has a domestic oil and gas industry that is being hurt by low oil and gas prices.If the price of oil and natural gas stays low for to long lay offs in this industry will be huge.OIL companies will start to shut in wells and sell equiptment to the highest bidder and that will be over seas.The countries that produce cheep oil do not want the USA to produce oil they want to keep us dependent on there crude oil.What will happen is only the maajor countries will serive and the price of crude oil will go to 300.00 per bbl.It happened befor it will happen again.The USA oil companies need 75.00 per bbl and 8.00 per mcf to stay in buisness. that would price gasoline at about 2.50 per gallon. cpt oil
Posted by Michael J. Belaj at 10:19 AM
So, when are all of the gripers who blamed President Bush for high gas prices going to give him credit for the low prices?
Posted by Renee at 6:11 PM
I agree with the last post about the grocery prices staying put but thats with everything else as well. Im in a manufacturing industry and when gas prices went up everything went up but nothing has come back down! Good to see the gas prices and a resonable level though
Posted by randy at 1:28 PM
What I dont get is, when gas prices went up...so did the Grocery prices. They stated that was a result of the energy cost increases. Now with Oil prices so low, did these items suddenly take a rapid decent just as quickly as they went up. Nope, we are all still paying out the ying yang for it.
Posted by Jason at 10:19 AM
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Gas/Grocery Prices
12/11/2008
Link To This Comment
The thing is we need to be grateful the gas prices have come down. Because the downsizing on grocery items and cost of groceries that went up will never go back to what it was before.
Posted by Anonymous at 3:04 PM