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Gasoline Could Drop to $1/Gallon in Two Weeks: USA Today

September 25, 2001

In what could be the best news at the pump to come along in years, gasoline prices could drop to as low as $1 per gallon in some markets in the next two weeks, according to USA Today."You could see (retail gasoline) prices barely $1 a gallon by Columbus Day in the most aggressive markets," Tom Kloza, senior oil analyst at the Oil Price Information Service (OPIS) told USA Today.Wholesale prices of oil and petroleum products collapsed Sept. 24 in their biggest 1-day plungesince the Gulf War began in January 1991. The plunge cut roughly $2 billion from the value of U.S. oil inventories and trims $56 million from consumers' fuel costs every day prices stay down, analysts estimated."If these prices stick, it will be the best news possible for consumers," said Peter Beutel, president of Cameron Hanover, an energy-risk management firm in New Canaan, Conn. "There's no Fed (rate) cut, no tax refund, nothing, that ensures economic growth the way a drop in oil prices does."
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