Gulf Oil CEO says gas could hit $1 next year

[RamboLiberal]

Source: Patriot-Ledger.com

Gulf Oil CEO Joe Petrowski said on Wednesday that the price of oil could sink to $20 per barrel, and there is a chance gasoline prices could drop as low as $1 per gallon by early next year.

Speaking at a South Shore Chamber of Commerce breakfast at Lombardo’s in Randolph, the Brockton native said that after speculators drove oil prices up, there is a chance that the market will overshoot on the way back down, resulting in much lower prices at the pump.

Gas prices have already sunk fairly rapidly this fall, reaching a statewide average of $1.85 for a gallon of regular-grade gasoline this week, following a plunge in crude oil prices.

Gulf Oil, which is based in Newton, is not an oil producer. Gulf stopped producing oil in 1986 and stopped refining oil in 1992, according to Petrowski. He said the company is a “fuel agnostic” wholesaler, and will sell whichever fuels customers and distributors demand.



Read more: http://www.patriotledger.com/business/x1881115149/Gulf-...

[aquart]

1. Grand theft oil.

We should help those poor guys out and nationalize our energy industry.

[Doremus]

2. Just filled up the other day for $1.69.

But $1/gal? If it *does* get that low (big if), it probably won't matter anyway because all hell will have broken loose.

[Jackpine Radical]

3. Hot Damn! Time to start looking for a deal

on a hummer! Then start cruisin' for chicks.

[GreenArrow]

4. Opec won't stand for it

It'll have to cut production.

[TheCowsCameHome]

5. .......if there's anything left to put it in.

[ohio2007]

6. "oil could sink to $20 per barrel." Guess we don't need to drill here since OPEC is giving it away

as the happy days return , its best to keep pushing for more fuel efficiency until the next season of rainy days.

in the mean time
I hope OPEC CHOKES ON IT

[tabasco]

7. Amazing what happens when the oil boys lose their grip on the US.

[goforit]

8. Ahhhh. So the Oil Gods wana stay in business,eh? ROFLMAO!!!GREEN IS HERE

[CountAllVotes]

9. quote from Eisenhower ...

"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes that you can do these things. Among them are a few Texas oil millionaires, and an occasional politician or businessman from other areas. Their number is negligible and they are stupid."

-- President Dwight D. Eisenhower (1952)

While these "negligible" oil millionaires are seemingly "few" they have about ruined America, and yes, they are no doubt "stupid" if you don't consider the fact that they've driven our country into a huge gutter in more than one way. They sure are skilled liars, no question about that, stupid or not!

I hope they all rot in hell with their bloody oil money on their hands!

[Odin2005]

14. Ike would be horrified to see what those "Texas Oil Millionaires" have dome to our country.

[Gman]

10. 6 months ago they said gas would be $10 a gallon

[Spinzonner]

11. What's happening with the Strategic Petroleum Reserve now ?

If it gets down to that price level sounds like a good time to top it off cheap and also put a bit of a floor under gas prices to not encourage waste too much.

[sarcasmo]

12. To bad no one has jobs to make the money that is needed to buy your dollar a gallon oil.

[all.of.me]

13. will propane & natural gas go down, too? nt