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Commodities Briefing - Categorized | Oil, Price Watch more

Gulf CEO: Oil’s price will be halved to $50 by year’s end

Posted on 17 July 2013

If things go the way the CEO of Gulf Oil predicts, by the time of the holidays this year, the price for a barrel of oil could be half of the present $105 it is today, but don’t expect a stocking stuffer of half-priced gasoline.
The reason for oil to drop into the $50 range by year’s end, said Joe Petrowski on CNBC’s Squawk Box, is due to record amounts of natural gas and oil being supplied from the U.S. and Canada, as well as higher supplies from OPEC. However, even if this does come to pass, the resulting gasoline still needs to be refined and transported at existing costs, he said………………………………………..Full Article: Source


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