Gas under $1 a gallon?? - ModernCamaro.com - 5th Generation Camaro Enthusiasts
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post #1 of 28 Old 12-05-2008, 08:18 PM Thread Starter
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Gas under $1 a gallon??

Isn't amazing how things can change in a few months? You all remember what happened in July this summer when crude oil prices reached a record-breaking $147 a barrel pushing average prices at the U.S. pumps over $4.10 a gallon. Well, now Merrill Lynch Commodity Strategist Francisco Blanch and an Gulf Oil CEO Joe Petrowski are both predicting that crude oil prices may very well fall below $25 a barrel by early next year resulting to an unthinkable drop in gas prices to below a $1 a gallon!



"A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-OPEC cuts are required," Blanch said. "In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations."


Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.


On Friday, crude oil prices fell to $43.64 a barrel with gas prices in the U.S. currently at $1,77 a gallon compared to $2.37 a month ago and $3.03 a year ago, according to AAA.

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post #2 of 28 Old 12-05-2008, 08:28 PM
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Is there a middle-finger icon? It's for all the people telling me I would look foolish paying $6/gallon at the pump by the time I got my new Camaro!
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post #3 of 28 Old 12-05-2008, 08:29 PM
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there saying is china goes into recession gas could get to 27 a barrel.
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post #4 of 28 Old 12-05-2008, 08:36 PM Thread Starter
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It has to come soon. . . heck 60% of every thing on the shelfs are made in china. . . and when we can't /don't buy it then there's no reason to make anymore.

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post #5 of 28 Old 12-05-2008, 08:54 PM
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I remember all the "sky is falling" threads saying that the Camaro would never get built because gas would be $10 a gallon by spring '09.

Now we just have to deal with all the "sky is falling" threads saying that the Camaro would never get built because GM is going under.

What next? I will be VERY thankful when I drive MY Camaro out off the lot next spring...it's been a long strange trip.


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Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.
sweet...than we can all start buying SUV's again

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post #6 of 28 Old 12-05-2008, 09:28 PM Thread Starter
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Isn't that the truth P.Freak. .

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post #7 of 28 Old 12-05-2008, 11:04 PM
 
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i hope so lol
man my moms car would cost nothing to fill up
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post #8 of 28 Old 12-06-2008, 07:46 AM
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Isn't that the truth P.Freak. .
yes, I only speakith the truth

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post #9 of 28 Old 12-06-2008, 07:50 AM
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post #10 of 28 Old 12-06-2008, 05:40 PM
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the word around the refinery is that OPEC is crying that there is too much gas being produced now that gas is in quanity again it's time to slow down production and bring the price of crude back up to around 65-70$ a barrel by march or may 2009 that will make gas about 2.25-2.50$ per gal. thats what the future holds for us.

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