( File photo: Jackie Johnson)
Gas prices are rising, but some analysts think crude oil prices could fall dramatically. A report from Bloomberg says they might even dip as low as $10 a barrel.
Erin Roth of the Wisconsin Petroleum Council says he would not be surprised if prices went in either direction, noting that he’s seen them as low as $15 a barrel and as high as $150 a barrel. If they drop to a certain level though, he says producers will make changes to prop them back up. He says slower production would bring the “demand curve” back into balance.
The Bloomberg report cites slow global economic growth, improving vehicle mileage, and a glut of oil, for the predicted price drop.
WHBY