Oil falls below $80 a barrel: Gas prices could hit $2.50 a gallon by November, analyst predicts
Gas prices have been dropping steadily in Massachusetts since April, and according to at least one analyst, that may just be the tip of the iceberg.
Energy analyst Philip Verleger told Bloomberg TV that U.S. drivers could see $2.50-a-gallon gas prices by November.
The cause is two-fold, he said: the price of oil has fallen sharply recently due to over-production in Saudi Arabia and falling demand due to Europe’s economic slowdown is also a factor, said Verleger.
“Saudia Arabia really runs the oil market … and the Saudis right now have several reasons for essentially overproducing, or producing more than the market needs, and pushing prices down,” said Verleger in a recent interview on Bloomberg TV.
I am very, VERY skeptical about this, but it would be LOVELY.
Gas is one of largest expenses I have outside of rent.
