Gulf Oil CEO: Gas Should Be Down To $3.50/Gallon By July 4

The average price for a gallon of gasoline in the U.S. has been hovering just below the $4 mark for quite some time, with the average now at around $3.80 per gallon. But earlier today, the CEO of Gulf Oil said he expects that price to dip down at least another $.30 by the time we’re setting off fireworks and painting our faces red white and blue for the Fourth of July.

“I think there are lots of indications from a fundamental standpoint that the tide has turned and the next move down on oil is going to be lower, maybe much lower,” Gulf’s Joe Petrowski told CNBC.

He explained that customers are choosing not to drive as much or have changed their driving habits because year-over-year demand is down as much as 9-10% at Gulf gas stations, which is “actually worse than 2008.”

It will be interesting to see if Petrowski’s predictions come true. If prices do go down, do you see yourself driving more frequently than you do now?

Gas at $3.50/Gallon or Lower by July 4: Gulf CEO [CNBC]

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