Posted By RichC on October 6, 2006
Late Friday update with a ‘lowest price seen’ photo for gasoline prices around Ohio: The photo above is a Murphy’s Oil in Cuyahoga Falls, Ohio and was selling gasoline for $1.92 or perhaps $1.89 if you play the Walmart 3 cents off game. I was driving the VW TDI (diesel) this week so didn’t save those few pennies, but instead I filled with B20 (biodiesel) off exit 151 on I-71 between Cleveland and Columbus for $2.53. Regular diesel was as low as $2.31 in the southeastern part of the state, but the least expensive I saw was at the Flying-Js – $2.37.
According to a summary from Credit Suisse today, they expect oil to remain under $70/barrel for the next 3 -4 years. Credit Suisse research predicts that OPEC surplus during this period will keep the prices at these levels although we should expect swings between 50 and 70. (see MSNBC)
Will alternatives continue to grow during this period or will US consumers return to their ‘gas guzzling’ ways? I’ve already heard SUV sales have be on the uptick with the recent 30% drop in retail gasoline prices?