Oil industry analysts at Merrill Lynch say the price of oil could fall to as low as $25 a barrel in 2009 – before moving up again.
And the CEO of Gulf Oil says the price of gas could drop to $1 a gallon before long.
Early Friday, Dec. 5, oil was selling for just under $43 a barrel in New York, and the national average price of gas – according to AAA – is $1.77 a gallon.
Diesel, according to ProMiles, is averaging $2.59 a gallon on Friday.
No predictions on how low the price of diesel may go were published on Friday.