First they were high, now they're low?what's predicted for the future? What plans should we make for the holiday season if we want to drive to visit friends and family?
Engineer Peter Clark thinks that gasoline prices will continue to drop. He says, "The price of oil has dropped into the $60 to $70 a barrel range, and therefore there is no real price pressure on gasoline prices for the moment. For the holiday season, gas prices should stay about the same as they are today or even a little lower. Lower gas prices will probably encourage people to travel, although I've been encouraging conservation because if consumers would lower their gasoline usage by 5%, the price of gasoline would drop significantly."
World demand for gas and oil has decreased. With the global economy down, people throughout the world are using less energy, which is part of the reason OPEC is considering reducing production. A new president taking office will not immediately impact the price of oil and gas.
And drilling for oil in new places won't save us. Clark says, "Even if new drilling began immediately, which I think we should do, it will be five to ten years before we see that oil production. I believe energy independence will come from additional conservation and alternative methods for powering vehicles."
Art credit: freeimages.co.uk
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