• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 27 mins Despite pressure about Khashoggi's Murder: Saudi Arabia Reassures On Oil Supply, Says Will Meet Demand
  • 2 hours Dyson Will Build Its Electric Cars in Singapore
  • 2 hours China Opens Longest Mega-Bridge Linking Hong Kong to Mainland
  • 14 hours Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 24 mins Why I Think Natural Gas is the Logical Future of Energy
  • 4 hours Satellite Moons to Replace Streetlamps?!
  • 4 hours Can “Renewables” Dent the World’s need for Electricity?
  • 29 mins How Long Until We Have Working Nuclear Fusion Reactor?
  • 53 mins These are the world’s most competitive economies: US No. 1
  • 2 hours The Balkans Are Coming Apart at the Seams Again
  • 15 hours EU to Splash Billions on Battery Factories
  • 14 hours Get on Those Bicycles to Save the World
  • 10 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
Alt Text

Can We Expect A Rebound Rally Next Week?

Despite recovering somewhat on Friday,…

Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Could Gasoline Drop Below $1 Per Gallon?

Retail gasoline prices have dipped below $2 per gallon across the United States. But gas might drop below $1 per gallon soon in some places of the country.

Aside from the financial crisis, when gasoline prices dropped below $2 per gallon for just a few months, retail gasoline prices have not been below $2 since 2004. Gas prices are at their lowest levels in many years.

But things could soon get even crazier. GasBuddy says that gasoline supplies are rising in the Midwest, which could result in localized gluts for product, pushing prices down to $1 per gallon or even lower. With access to heavily discounted Canadian crude, Midwest refiners are churning out cheaper and cheaper gasoline. “That could trigger fire sales—very quick and low price sales,” Patrick DeHaan of GasBuddy told the WSJ. There is a “strong possibility” that refiners, trying to offload excess winter fuel blends, could discount prices down to 99 cents per gallon for a brief period of time. Related: Computerized Trading Creating Oil Price Volatility

Oklahoma appears to be enjoying the cheapest gasoline in the country. According to GasBuddy’s website, the cheapest gas right now can be found in Oklahoma City, where one station was selling gas for $1.09 per gallon on February 9. A 7-Eleven in Norman, OK sold gas for $1.10 per gallon on the same day.

(Click to enlarge)

source: GasBuddy.com

Nationwide, retail gasoline sold for $1.87 for the week ending on February 8. For now, sub-$1 gasoline is unlikely outside of some local areas, such as Oklahoma and the Midwest. But if oil prices drop to $20 per barrel, which is something that Goldman Sachs is not ruling out, $1 gasoline could become a lot more common.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News