My question is: Will we see a 99-cent gas price in the near future? It is already $1.47/gal. here in some parts of Michigan. And the Crude Oil prices continue to plummet. So, even though, it maybe nice for some of us who have to drive (as part of our job); we will surely pay it through the nose.
The last time I saw these prices was back in the late 1970’s. Of course, I was living in another state at the time.
Not sure about the oil prices, but the main reason for the sudden drop is market share competition between Russia and Saudi Cartel where there is an extreme over supply that has exceeded demand. The cut in production to the point that the demand catches up with supply is probably when prices start heading up again and that I suspect will take some time due to reduced consumption and the feud between oil producing nations states to cut production to a smaller number. I say enjoy the cheap gas prices while you can because as you well know this is cyclical and won’t last forever.
I wonder if the summer travel months especially in America and Canada will be curtailed due to the Covid 19 pandemic where travel is restricted?