GAS’D UP :: GAS PRICES WILL REACH ALL TIME LOW
Post by Big Yogi via Autoblog
There were speculations that the oil companies were just dropping the price of gas for politcal reasons and that gas would shoot back up right after Obama got into office. Well don’t believe the hype. Gas prices may be reaching prices less than a dollar a gallon in the near future and it looks like the result of the current automaker crises. Check out the article we found at AUTOBLOG
[With the U.S. Senate denying the Detroit 3 relief plan, it looks like oil prices might continue to tumble. Our sibling site BloggingStocks is predicting barrel prices might drop as low as $35 as a result. This comes on the heels of predictions of higher prices in the near future.
It had been thought that OPEC and possibly Russia would be curtailing production, which might have led to higher prices, but if the U.S. auto industry collapses, demand for oil could plummet. That would result in even lower oil and gas prices.
In fact, oil prices started dropping Thursday night as soon as traders heard that Senate Republicans had blocked the bill, with barrel prices checking in at $44.76 as of Friday morning. We just saw regular unleaded for $1.59/gal at a station down the street this morning and thought we had woken up in 2000. Can sub-$1 gas be far away?]
So it looks like the automakers may be under the gun but drivers will be happy as hell if gas keeps getting lower. STAY STUCK to the Flypaper for updates on this news
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