$1.15 per gallon?
Wow… wondering if I should go buy that Escalade I’ve been wanting… maybe some 55 gallon drums…
From The Seattle Times: Business & Technology
Analyst predicts plunge in gas prices
By Kevin G. Hall
September 14, 2006WASHINGTON — The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
“All the hurricane flags are flying” in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead…
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Oil Prices Fall Below $60 a Barrel
Sep 24, 11:48 PM (ET)
SINGAPORE (AP) – Oil prices dropped below $60 a barrel Monday as commodity investors responded to high inventories and a lack of geopolitical tensions to sell, analysts said.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said hedge funds and investors were reacting to a lack of bullish news but noted that $60 is still a very strong price and said the market was still vulnerable to price spikes.
Light sweet crude for November delivery fell 60 cents to $59.95 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.
Oil prices have dropped 23 percent since the middle of July, attributed to ample global inventories, eased worries about supply threats from Iran and Nigeria, receding fears about this year’s Atlantic hurricane season and as signs of economic weakness in the U.S. point to a possible softening in demand for energy.
“The hedge funds and investors have been bailing out because geopolitical tensions have eased and they also realize that inventories are high during this period of seasonably weak demand at the end of summer,” Shum said.