Gas: Below $3 a gallon by the end of the Year?

Energy/Environment Energy Voices

Crude oil prices fall again. Buckle up for gas prices below $3. (+video)

Crude oil prices just keep falling, and gas prices are following suit. Many analysts think the downward trend in oil prices will continue, driving the average price at the pump in the US below $3.00 a gallon.

By Jared Gilmour, Staff writer October 22, 2014

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  Damian Dovarganes/AP/File

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Washington — US oil prices fell nearly $2.00 Wednesday, extending a precipitous slide in crude prices that stretches back over the summer. It’s why analysts are predicting US gasoline prices could soon dip below $3.00 a gallon – the lowest price since 2010.
Motorists are already enjoying gas prices lower than any time since February 2011, according to data from automotive group AAA, as collapsed crude oil prices bring down the cost of refined gasoline. And some US drivers are already seeing prices below $3.00. Gas prices in Missouri averaged $2.77 on Tuesday, and more than a dozen other states have prices below $3.00 a gallon.
“Right now we see the national average at $3.09 a gallon,” says Gregg Laskoski, senior petroleum analyst at GasBuddy.com, a website that tracks gas prices across the US.

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“It’s conceivable that the national average could get down to $2.95,” Mr. Laskoski adds in a telephone interview Wednesday. “Exactly when would that occur? That’s tougher to guess. It could be before Thanksgiving.”

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Relief at the pump is the result of low crude oil prices, which have plummeted more than 20 percent from where they stood at the beginning of the summer. Before this summer’s price drop, crude prices had been hovering around $100 a barrel since 2011. Weak demand from China and Europe, as well as abundant supply from the US, are responsible for the recent and dramatic dip in prices, analysts say.
Crude prices remain just above $80 a barrel, though Laskoski says that crude oil inventories suggests prices may be on track to dip below the $80 mark.
“We’re well supplied,” Laskoski says, and that supply has well outstripped demand in a country that is driving fewer miles in cars that go farther on a gallon of gas.
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slide below $3.00 a gallon
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Saudi Arabia was the biggest Oil producer until recently when the U.S. Oil and Shale oil Surpased it. IN order to fight Iran and Russia by harming their economies and to get back the lion's share of profits they have to temporarily put out of business Shale Oil and Oil Drillers around the world. Then the price can jack up at an opportune moment?

However, like is mentioned in some articles the Oil market is very very strange worldwide and this kind of manipulation could backfire as time goes on in multiple directions against countries, Oil Businesses and almost anything can and will happen.

IF Saudi Arabia literally drives the price down to zero you can bet it is also going to go up to $10 to $20 a gallon or more at some point too. So, if you have an underground tank for gas I would fill it up as the price is going down so hopefully you will still have some cheap gas when it is $10 to $30 a gallon sometime in the next 5 to 10 years when it rebounds.