BP Economist Says Gas Prices Could Continue to Drop

Carroll Independent Fuels, Petroleum Marketing Group hold BP Team USA Experience

HAMMOND, Ind. -- Gasoline prices at the pump in the United States have fallen about 50 cents per gallon since April, but could fall about the same amount again to catch up with dropping oil prices, BP general manager for global energy markets Mark Finley told an audience in Hammond, Ind., this week.

"It looks like there may be further decreases in store at the pump," Finley said at the annual Breakfast with BP hosted by the Lakeshore Chamber of Commerce, reported NWtimes.com.

The likely fall in gasoline prices is contingent on there being no major disruptions in supply, such as any action by Iran to close the Straits of Hormuz, Finley said.

At his presentation of the "BP Statistical Review of World Energy," Finley made the case that smart U.S. government policy and a more competitive world oil market were responsible for averting energy shortages in 2011, even though there were two supply disruptions of historic proportions--the Fukushima nuclear disaster in Japan and the Libyan revolution, which cut off oil supplies from one of the worlds' largest producers.

"Price changes are the way the world economy dealt with those disruptions," Finley said. "Literally they kept the lights on."

Click here for details on the "BP Statistical Review of World Energy."

In other company news, as the London 2012 Olympic and Paralympic Games approach, BP Products North America Inc., the exclusive energy partner of Team USA through 2016, gave Washington, D.C., consumers an opportunity to step into the shoes of Team USA hopefuls at an upcoming BP Team USA Experience event on June 26,

The free event will provide an opportunity for area residents to participate in simulated Olympic and Paralympic sports including a 10-meter sprint, wheelchair race, shot-put and discus. Team USA athlete Chris Waddell, 13-time Paralympic medalist and the most decorated male mono-skier in Paralympic history, appeared at the event to share his story and sign autographs.

To fuel the spirit of BP's sponsorship of Team USA, Baltimore BP marketer Carroll Independent Fuels and Washington, D.C., BP marketer Petroleum Marketing Group have teamed up with two local Paralympic Sport Clubs to help build awareness of the benefits of recreational and competitive sports for youth and adults with physical disabilities.

BP and local BP marketers will present a $15,000 grant donation at the event to Paralympic Sport Washington, D.C., a program of MedStar National Rehabilitation Network and Paralympic Sport Club Mid-Atlantic, a program of Baltimore Adapted Recreation and Sports. The donation, made possible through the BP Fueling Communities grant program, will help fund the sport activities available at the clubs, such as wheelchair basketball and cycling.

"On behalf of Carroll Independent Fuels and Petroleum Marketing Group, this donation is part of our shared commitment to make a positive impact in the communities where we do business and help raise awareness about the opportunities made available through the U.S. Paralympic Team and these important community-based clubs," said John Phelps, president of Carroll Independent Fuels.

BP and local BP marketers Carroll Independent Fuels and Petroleum Marketing Group presented a grant donation of $15,000 to Paralympic Sport Washington, D.C., and Paralympic Sport Club Mid-Atlantic.

The BP Fueling Communities program provides grants to local organizations that are nominated by BP's branded marketers to support the communities in which they do business. Fueling Communities helps spread charity and goodwill by giving back to local organizations that support health, education, youth, food and housing.