Gas prices have been tumbling for more than 100 straight days now with no sign of a rebound and experts are hard pressed to predict when the roller coaster will start to go up again.
Prices went below $50 a barrel for crude oil and average price for regular gas hit a new low for the last decade, with the current national low coming at $1.72 a gallon in Wichita, KS.
“It’s hard to put a date on when they’ll bottom out,” said Sue Madden of AAA MidAtlantic. “A lot of things come in to play that we haven’t seen before.”
One of those wildcards is if and when the Organization of the Petroleum Exporting Countries decides to say “uncle” and put the brakes on oil production.
“We don’t know that yet,” she said. “It depends on if they stop producing oil and let the market correct itself.”
Now, the oil producing countries in the Middle East seem to be engaged in a full on price war with other oil producing nations, like two competing gas stations on opposite sides of the highway.
Another factor is that demand hasn’t increased, despite all that cheap gas, which would also send prices rebounding.
(Original Article from nj.com)
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