Prices for a gallon of unleaded gasoline have taken a plunge and Don Good from the Good Oil Company in Winamac said the trend could continue.
“It looks like we could even see some really good drops coming up here through August,” said Good. “One of the top analysts suggested we could see a 20 percent drop in prices if everything lines up as it is. It came a little later than anticipated. We thought it would come a little earlier in the season, but it looks like it’s going to be pretty significant. That’s good news.”
He believes that prices will drop even with unrest in the Middle East.
“They’re just kind of shrugging that off. There’s a lot of inventory in the world market right now to be able to weather some of that bad news. Some of the things that are going on over there held it up for a while. Now it’s just like people are tired hearing about that news and nothing’s happening so they’re starting to ignore it and it’s starting to come down.”
Good says investors are starting to ease up on pressuring the market.
“I think one of the big reasons why we’re starting to shrug that off is we’re starting to produce enough oil here that it doesn’t scare the money markets quite as much knowing that we have domestic supplies. Keystone, if that gets passed, I think those Middle East markets are going to get really marginalized.”
