$25 oil, $1 gas?

| 12/5/2008

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.