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U.S. gas prices to drop below $3/gallon for the first time since 2010

Oct. 31, 2014 6:26 PM ETUCO, USO, OIL-OLD, DBO, USL, UGA, DTO, OLO-OLD, SCO, DNO, BNO, CRUD, UWTI, DWTI, SZOXF, OILBy: Carl Surran, SA News Editor17 Comments
  • The average gallon of gasoline in the U.S. will cost less than $3 this weekend for the first time in nearly four years, with more than 60% of all U.S. stations selling gas for less than $3/gallon, according to AAA.
  • "We're going to continue going down, and by Thanksgiving I'm seeing $2.80 a gallon" before stabilizing into early 2015, oil analyst Andy Lipow tells CNBC, noting that gasoline futures are tumbling, which will be passed on to consumers over the next few weeks.
  • Lipow remains wary of a potential market surprise if Saudi Arabia decides to cut production, "since the market thinks that OPEC is going to do nothing."
  • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM

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