Harb67 Posted December 7, 2008 Report Share Posted December 7, 2008 (edited) http://www.thebostonchannel.com/automotive/18210468/detail.html BOSTON -- A Massachusetts-based oil executive is boldly predicting that pump prices might fall to $1 a gallon in early 2009. "The oil market is a manic-depressive market. It tends to overshoot," said Joe Petrowski, CEO of Gulf Oil.Petrowski, who has been studying the oil business since the 1970s when he wrote his Harvard thesis, said that the price of oil could sink to $20 per barrel, WCVB-TV of Boston reported. "The market overshot last summer on the high side. Oil never should have gone to $147, but it did and it can," he said. Petrowski is betting that the slide in oil prices will continue to fall dramatically and overshoot on the low side."There is a better than 25 percent probability that we'll see oil go as low as $1 a gallon sometime after the first of the year," he said.Gulf Oil, which is based in Newton, Mass., is not an oil producer or a refiner. The company is a wholesaler that distributes fuel through a network of 1,800 Gulf gas stations throughout the Northeast.Dramatically lower gas prices would be quite a rebate check for consumers, Petrowski said. He said the drop may help ease the country out of the recession. "The price of oil has a tremendous impact on discretionary consumer spending. I think it hurt us tremendously during July and August," Petrowski said. That's when high gas prices prompted motorists to cut back their travel by 9 percent. But Americans are conserving as much as now. "But long term, we need to have oil prices at an equilibrium price that will encourage new production, will encourage efficiency and will encourage alternative sources," Petrowski said. He said he hopes that the motivation to create alternative energy sources will not be lost if pump prices continue to fall. -------------------------------------------------------------------The guy certainly knows his stuff, so it'll be interesting to see how this plays out. I'm personally worried that this is all just an attempt to keep the US and the rest of the world firlmy hooked on oil by dropping gas prices so low that the current push for alternative fuels and energy efficiency fades away. I'm also sort of worried that gas prices that low will cause the Volt to bomb, as well as whatever electric solutions the rest of the Big 3 are cooking up. That being said...looks like early 09 might not be a bad time to throw a few bucks at investing in oil. We all know it'll go back up sooner or later, and at 20$ a barrel, why the hell not? Regardless, I wouldn't complain about 400-mile rides out around Coshocton or Hocking for 8$ Edited December 7, 2008 by Harb67 Quote Link to comment Share on other sites More sharing options...
Goldie Posted December 7, 2008 Report Share Posted December 7, 2008 One can only hope Quote Link to comment Share on other sites More sharing options...
The King Posted December 7, 2008 Report Share Posted December 7, 2008 Such bull-shit.... Interesting how after the election gas prices have plumeted. Quote Link to comment Share on other sites More sharing options...
exSRAaron Posted December 7, 2008 Report Share Posted December 7, 2008 i just read another article that said it likely wont get to $1, but very close. god damn the world. Quote Link to comment Share on other sites More sharing options...
wolfman Posted December 7, 2008 Report Share Posted December 7, 2008 I'm personally worried that this is all just an attempt to keep the US and the rest of the world firlmy hooked on oil by dropping gas prices so low that the current push for alternative fuels and energy efficiency fades away. I'm also sort of worried that gas prices that low will cause the Volt to bomb, as well as whatever electric solutions the rest of the Big 3 are cooking up.What'd you say? Cheap gas? Awesome!...I'm going to go buy that new Hummer! I'd like to see the economy turn around as quickly as possible but not at the expense of alternative energy/fuels. Quote Link to comment Share on other sites More sharing options...
max power Posted December 7, 2008 Report Share Posted December 7, 2008 Um Yeah, How many of you are buying that new alternative fuel car anytime soon? I'll take gas as cheap as I can get it. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted December 7, 2008 Report Share Posted December 7, 2008 I'm personally worried that this is all just an attempt to keep the US and the rest of the world firlmy hooked on oil by dropping gas prices so low that the current push for alternative fuels and energy efficiency fades away. I'm also sort of worried that gas prices that low will cause the Volt to bomb, as well as whatever electric solutions the rest of the Big 3 are cooking up.+1.....Hundred Barrels of Oil Quote Link to comment Share on other sites More sharing options...
wolfman Posted December 7, 2008 Report Share Posted December 7, 2008 Um Yeah, How many of you are buying that new alternative fuel car anytime soon? That's the point...nobody will be buying them because they won't be made. Then when gas prices go back up everyone will be demanding alternative fuel vehicles again and wondering why they aren't out yet. It's a cycle and we are stuck in it until we get rid of our oil dependence. I don't know about you but I don't like being the Middle East's puppet. Quote Link to comment Share on other sites More sharing options...
max power Posted December 7, 2008 Report Share Posted December 7, 2008 I dont believe in car payments, only bike payments. I only buy cash cars, they run on gas. I wont be spending 30k + on any hydrogen, electric, water ect. vehicle ever. Therefore, I wont be complaining about cheap gas.Some of you will find a way to bitch about anything. Quote Link to comment Share on other sites More sharing options...
wolfman Posted December 7, 2008 Report Share Posted December 7, 2008 I dont believe in car payments, only bike payments. I only buy cash cars, they run on gas. I wont be spending 30k + on any hydrogen, electric, water ect. vehicle ever. Therefore, I wont be complaining about cheap gas.Some of you will find a way to bitch about anything.I haven't heard anyone bitching about cheap gas. All I've heard is people concerned that low gas prices won't help the development of alternative fuels. I'm all for low gas prices so long as companies keep developing alternative fuels in the mean time. Gas prices will go back up. My car doesn't run on gas, it gets the same mpg as a Prius, and it didn't cost $30k....actually not even half that much.. Quote Link to comment Share on other sites More sharing options...
max power Posted December 7, 2008 Report Share Posted December 7, 2008 They are not going to stop developing alternative fuels because of low gas prices. The car companies and the gubment know that gas prices wont stay low for long. Quote Link to comment Share on other sites More sharing options...
wolfman Posted December 7, 2008 Report Share Posted December 7, 2008 Probably not, but I wouldn't be surprised to see them increase the production of less fuel efficient vehicles. Quote Link to comment Share on other sites More sharing options...
jagr Posted December 7, 2008 Report Share Posted December 7, 2008 I dont believe in car payments, only bike payments. I only buy cash cars, they run on gas. I wont be spending 30k + on any hydrogen, electric, water ect. vehicle ever. Therefore, I wont be complaining about cheap gas.Some of you will find a way to bitch about anything.Um eah.. Thats how im doing it from here on out. i hope the 2 cars i have last me another 10 years. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted December 7, 2008 Report Share Posted December 7, 2008 I dont believe in car payments, only bike payments. I only buy cash cars, they run on gas. I wont be spending 30k + on any hydrogen, electric, water etc. vehicle ever. Therefore, I wont be complaining about cheap gas.Some of you will find a way to bitch about anything.Big Oil has quelled alternative energy before, so I wouldn't put it past them to sway the economics in favor of the 'dino juice' this time around either.Regarding only buying cars in cash... sometimes that's not the most fiscally savvy route to go... Quote Link to comment Share on other sites More sharing options...
kawi kid Posted December 7, 2008 Report Share Posted December 7, 2008 it dont matter. its gonna do what it wants and we are gonna pay whatever they ask for it. Quote Link to comment Share on other sites More sharing options...
omgshesaboy Posted December 7, 2008 Report Share Posted December 7, 2008 all i know is it cost me around $80 to drive to holiday valley last year and yesturday i did it for $30 Quote Link to comment Share on other sites More sharing options...
Harb67 Posted December 7, 2008 Author Report Share Posted December 7, 2008 Regarding only buying cars in cash... sometimes that's not the most fiscally savvy route to go...+1Personally, I'm buying a Ferarri on credit with 0$ down and a fixed rate just before the economy really falls apart and the hyperinflation hits. 10 grand due this month you say? Do you have change for a billion? Quote Link to comment Share on other sites More sharing options...
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