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Tags: Lipow | gas | 3 | gallon

Energy Consultant Lipow: Gasoline Prices Headed to $3 a Gallon

By    |   Friday, 12 September 2014 10:58 AM

Gasoline prices have plummeted 19 percent from their June highs amid sluggish demand and plentiful supplies of gasoline and crude oil.

The average retail price for regular gasoline stood at $3.41 Friday, down from $3.47 a month ago and $3.55 a year ago, according to AAA.

Many experts anticipate prices will keep falling, as the glut of crude oil and gasoline persists, The Wall Street Journal reports.

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U.S. gasoline production broke above 10 million barrels a day for the first time in late April, and has stayed above that level for most of the time since then, according to the Energy Information Administration.

"We certainly have plenty of crude-oil supply over the next couple of months and plenty of products," Andy Lipow, president of consulting firm Lipow Oil Associates, tells The Journal.

"I'm expecting the national average to drop to $3.15 by Halloween, and $3 a gallon as a national average is certainly in the cards." The latter level would represent a 12 percent drop from Friday's price.

AAA analysts anticipate a fall of 15 to 20 cents by the end of October, according to The Journal.

Meanwhile, crude oil prices are falling amid concern that sluggish global economic growth is curbing demand.

"The latest price slide was due first and foremost to a gloomier demand outlook," Carsten Fritsch, an analyst at Commerzbank, writes in a report obtained by Bloomberg. "It would still be premature to talk of a trend reversal" for oil prices, he notes.

Brent crude oil fell below $97 per barrel on Monday to its lowest in more than two years as lackluster economic data from China, the world's top energy consumer, cast a shadow over the outlook for oil demand at a time of abundant supply.  U.S. crude was down 40 cents at $91.87, after touching $90.63 — near a 16-month low of $90.43 hit last week.

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Finance
Gasoline prices have plummeted 19 percent from their June highs amid sluggish demand and plentiful supplies of gasoline and crude oil.
Lipow, gas, 3, gallon
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2014-58-12
Friday, 12 September 2014 10:58 AM
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