There are predictions that oil prices could fall sharply to around $50 per barrel, with those coming from analysts at Bank of America Merrill Lynch. GasBuddy.com analyst Patrick DeHaan says he thinks they might be right for a few reasons.
DeHaan cautions against thinking such a sharp drop will result in a quick decline in oil prices, noting they're linked but there are other factors involved. He's amused by others like analyst Trilby Lundberg calling the current decline in the national average a "gas price crash."
Oil prices on Wednesday were higher by about $1.50 a barrel, trading over $87 per barrel. GasBuddy pegs the average price in Michigan at $3.35, with the lowest in Flint and Port Huron at $3.11 and the highest in West Branch at $3.89.
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DeHaan cautions against thinking such a sharp drop will result in a quick decline in oil prices, noting they're linked but there are other factors involved. He's amused by others like analyst Trilby Lundberg calling the current decline in the national average a "gas price crash."
|
Listen: |
|
Oil prices on Wednesday were higher by about $1.50 a barrel, trading over $87 per barrel. GasBuddy pegs the average price in Michigan at $3.35, with the lowest in Flint and Port Huron at $3.11 and the highest in West Branch at $3.89.
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