Skip to main content

Gas Prices Predicted to Plummet, Could Bankrupt Oil Producers

Share This article

Oil prices are getting closer to just $30 a barrel, the lowest they've been in 12 years.

Many analysts have been looking for oil to fall to $25-$20 a barrel, and some think it could go as low as $10.

Others are raising the possibility that the price of gasoline could fall to close to $1 a gallon.

While that would make driving a lot cheaper, The Wall Street Journal reports one research firm projects that as many as a third of U.S. oil and gas producers could head toward bankruptcy and restructuring by the middle of next year.

The paper reports the producers are losing nearly $2 billion a week at current prices.

Share This article

About The Author

CBN
News

CBN News is a national/international, nonprofit news organization that provides programming 24 hours a day by cable, satellite and the Internet. Staffed by a group of acclaimed news professionals, CBN News delivers stories to over a million viewers each day without a specific agenda. With its headquarters in Virginia Beach, Va., CBN News has bureaus in Washington D.C., Jerusalem, and elsewhere around the world. What began as a segment on CBN's flagship program, The 700 Club, in the early 1980s, CBN News has since expanded into a multimedia news organization that offers today's news headlines