Gasoline Price Decline Could Be on Short-Term Horizon
By: Anita Yadavalli
Anita Yadavalli
With oil prices down 33 cents at $64.75 a barrel, one analyst thinks there is a 70% chance that gasoline prices have peaked.
Peter Beutel of Cameron Hanover sees for energy prices sliding soon because "we had a lot of high-name, high-profile refineries come back last week, and I have the feeling that we might see a pretty good number" in this week's Department of Energy report.
Refinery capacity has climbed to 91.1%, edging above the 90% analysts predicted, according to the DOE report.
Beutel is confident that a decrease in gasoline prices to $2.15 could happen "today or tomorrow if we start getting traders to sell this market."
With oil prices down 33 cents at $64.75 a barrel, one analyst thinks there's about a 70% chance that gasoline prices have peaked. Peter Beutel of Cameron Hanover sees energy prices sliding this week, because "we had a lot of high-name, high-profile refineries come back last week, and I have the feeling that we might see a pretty good number this week" in the Department of Energy report.
