Today, at a station near me, the price for regular was $1.55/gal.
As the price at the pump continues to drop, I naturally wonder how low it can go. What is a reasonable floor below which prices cannot fall? At some point it will no longer be profitable for US oil companies, won’t it? Or is it such that at even, say, 50 cents a gallon it is still wildly profitable?
Also, as electric and electric/gasoline hybrid vehicles, such as the Tesla, Leaf, Volt, Bolt, I3, and others become more prevalent, will they impact demand such that prices continue to plummet, or plummet faster?
I recently placed an order for a fully electric car so automobile fuel prices will become an issue of the past for me in a few months, but I have also begun to notice drops in my utility bill, which is great, but again, how low can it go?