Gulf CEO: $1 Gallon Gas in 2009

[tekisui]

Gulf CEO: $1 gallon gas in 2009
RAW STORY
Published: Thursday December 4, 2008

CEO also claims carbon-driven warming a 'myth' as Merrill Lynch predicts $25 a barrel oil

Joe Petrowski, CEO of Massachusetts-based Gulf Oil, has some good news for consumers.

In years past, market speculation inflated prices, said Petrowski. Now that the prices are deflated, speculators may 'overshoot' and actually drive the consumer cost down further.

His statements came shortly before Merrill Lynch & Co. predicted oil prices will plunge to $25 a barrel in the coming year if the global recession begins heavily affecting China.

Petrowski also claimed that the threat of global warming driven by carbon emissions is a 'myth,' and instead insisted that dependence on oil imports poses a greater threat to economic stability.

http://rawstory.com/news/2008/Gulf_CEO_1_gallon_gas_in_1204.html

[yodoobo]

1. I think oil prices were essentially a bubble

A bubble inflated and inflated more by greedy wallstreet speculators and now the bubble has been popped.

Someone posed that idea to me a few months ago and I dismissed it, blaming peak oil instead. I think peak oil is still a huge and looming issue, but I don't think we're there - yet.

Anyway, I didn't believe the idea of oil being in a bubble, but then it occured to me that I didn't believe that dotcom was in a bubble, nor that housing was in a bubble, nor many years ago that silver was a bubble (late 70's)...until they popped and the it was blazeingly obvious.

I dunno. Maybe I'm wrong still, but oil coming down is a blessing to those of us on tight budgets and will help the economy recover.

I do think this guy is full of crap about global warming being a myth. Global warming is real and is easily demonstrated by look at the temperatures for the few decades.

[Kansas Wyatt]

5. Funny how Corporate America finally needs bailed out right when all the bubbles are popping.

I think Corporate America has been gaming the stock market to rip-off people and cover-up their own insolvency.

It's no coincidence that prices come down right when they cannot hide that they have gambled themselves into bankruptcy.

Who wants to bet that those same companies who have their hands out for taxpayer dollars, are the same ones who were driving up the prices to begin with?

[BrklynLiberal]

2. and that will be the end of the public's efforts to conserve oil and pressure

for more efficient, less polluting cars....

I know so many people who did not complain about anything that happened in the last 8 years UNTIL they had to start paying higher prices for gasoline. That was the thing that finally got them pissed off at the Bush Administration. If gas prices go down, they will probably go back to their complacent numb existence.

[Toucano]

3. Great. The return of SUV will not be far behind.

Oh, that's sarcasm, baby.

[WindRiverMan]

4. Uh-oh Sarah

Now we will see how you govern when your state does not have a surplus on top of a surplus. I see your future, and it looks a lot like Frank Murkowski.

[RufusEarl]

6. We're being played for suckers again, will we never learn?

Only problem with all this, no one will have a dollar by then. Me thinks it's not going to work this time, fool me twice, shame on me or is it fool me twice oh! &^$%#$ we want get fooled again......

Peace!