Efficient Cars Lower Demand, Fuel Prices Projected to Fall

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The Detroit Bureau - July 19, 2013

Enhanced fuel effi­cien­cy of cars and ris­ing oil pro­duc­tion in North Amer­i­ca are two rea­sons that could cause oil prices to drop 50% by the end of 2013, accord­ing to an oil indus­try exec­u­tive. A severe drop in oil prices pre­vi­ous­ly marked a severe eco­nom­ic cri­sis, but Gulf Oil CEO Joe Petrows­ki sug­gest­ed the issue is mat­ter of ample sup­ply and low­er demand.

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