CHELSEA, Mass. -- Gasoline prices could fall to as low as a $1.80 in coming months, due to a global decline in demand for oil and an increase in fuel production, Joseph H. Petrowski, CEO of Gulf Oil Ltd., told the Boston Herald.
All the fundamentals point to falling gasoline prices in the short term, he told the newspaper, although he cautioned that things could change quickly if there's a cold winter or if a major oil disruption occurs somewhere.
We're going lower the way things stand now, said Petrowski, who predicted last summer [image-nocss] that prices would fall dramatically this fall, though even he didn't forecast below-$2 pump prices.
Some industry experts, such as oilman Boone Pickens, have predicted that oil prices will head back up soon, said the report. Meanwhile, the U.S. government reported an increase in the nation's fuel stocks, including home heating oil.
We look well-supplied andwe would need a very cold winter to see prices spike, Jason Schenker, analyst at Wachovia Bank, told Reuters.
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