Gas prices keep dropping at the pump, whether they will keep dropping no one knows.
Mike Right with Triple A Missouri says the country has experienced such swings before, such as during the first Gulf War and during the gas shortages of the 70s. This time, oil soared to nearly $150/barrel in the summer, driving gas prices up to nearly $4 a gallon in Missouri, beyond $4 in other states. It has been steadily dropping since, falling below $60/barrel. Gas prices have dropped along with the price of oil, falling to below $2 a gallon.
"I don’t know if anyone has a clear picture as to when gasoline prices are going to stop decreasing and start increasing," Right tells the Missourinet, "I don’t think anybody knows when, for example, crude oil is going to turn around and instead of continuing its ratcheting decrease starts a rapid ratcheting up, but it is going to happen."
OPEC is cutting back, threatening to reduce production by a million and a half barrels a day. Refineries are scaling back production.
Right says other pressures will drive pump prices up.
"Demand will increase in the spring," Right says, "We’re going into a period right now when demand historically continues to decrease month after month until about March when we start to see an increase in demand for petroleum products."
For now, Right sees gas prices remaining low through the Thanksgiving holiday weekend, at least.