Illinois Oil Market Analyst says Fuel Prices May Drop Later This Year

Galena, IL – THERE MAY BE SOME GOOD NEWS FOR MOTORISTS LOOKING FOR RELIEF FROM SOARING GAS PRICES.

GALENA-BASED OIL MARKET ANALYST JIM RITTERBUSCH SAYS THE WEAK DOLLAR AND THE SHORT SUPPLY OF OIL - A SUPPLY WHICH IS EXPECTED TO REMAIN SHORT OVER THE NEXT FIVE YEARS - ARE DRIVING PRICES UP. BUT THAT MEANS CONSUMERS ARE USING LESS OIL, AND THAT WILL EVENTUALLY BEAR ON THE PRICE.

HE SAYS GASOLINE PRICES ARE LIKELY TO DECLINE TO AROUND $3.50 PER GALLON IN THE SECOND HALF OF THE YEAR.

BUT FOR NOW PRICES REMAIN HIGH. OIL PRICES ARE OVER THE $142 A BARREL MARK TODAY, WITH ANALYSTS BLAMING RISING TENSIONS WITH IRAN AND A WEAKENING DOLLAR.