Gas Prices Down For Christmas

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As drivers travel on this Christmas holiday, they’re seeing gas prices much lower than last year. They may be happy, but oil companies are not. Patrick DeHaan, of Gasbuddy.com.

“A lot of oil companies are really concerned now about profitability as they continue to lose money,” DeHaan said. “The only bright spot is oil companies that own refineries. Those refineries are really able to do well in putting cheaper crude oil out. That’s certainly helping refineries, but oil companies are certainly hurting.”

He also says if investment is reduced, it can mean less of an ability to produce a lot in the future, and that could mean higher prices once again.