Oil Prices Expected to Drop by Half: Gulf Oil CEO
Gulf Oil CEO, Joe Petrowski, expects oil prices to drop by half by year’s end, but that doesn’t mean gasoline prices will be cut in half.
The drop in price is expected due to record amounts of oil and natural gas being produced in the U.S. and in Canada, in addition to OPEC supplies being higher. Even if oil prices drop however, gas prices won’t experience a steep decrease since it still has to be refined and transported.
The report comes on the heel of oil prices rising 20 percent over the last three months. But Petrowski believes a steep crude drop is expected since travelling is picking up and less oil is being used. “In fact, we’re using no oil in the energy sector,” he said on the CNBC show Squawk Box.
[Source: CNBC]
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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