"I think we have 10-15 cents a gallon working its way through the system right now, over the course of the next week or so—and that could pick up even further," he said.
Kilduff says rising tension among members of OPEC will make it unlikely the oil cartel will move to cut production levels before its next scheduled meeting Nov. 27. The cartel's oil output is far outpacing demand, at a time when U.S. production continues to rise. That should keep pressure on oil futures prices, and feed through to lower costs at the pump.
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"It's kind of a perfect storm in terms of surging crude oil output and supply, and weakening demand in Europe and China, combining into a one-two punch. I think we go as low as $2.85 a gallon, at least on the national average, before things settle out."
Tom Kloza doesn't expect the national average at the pump will get too much below $3, because in states like California and some in the Northeast like Connecticut, where taxes are high. But in the Northeast, it's not just gasoline that will be cheaper this winter.