Oil prices not expected to improve in 2016
Posted Aug 2, 2016 1:43 pm.
This article is more than 5 years old.
At least one Canadian energy analyst predicts the price of crude could fall to as low as $32 U.S. a barrel in the coming months.
Roger McKnight with En-Pro International says the big reason why the price of crude has been on a steady slide, is because of a glut of gasoline south of the border.
McKnight adds, with the summer driving season winding down, he doesn’t see anything on the horizon that will push up demand to reduce the surplus of gas and oil.
“This is not going away anytime soon. Perhaps in the second quarter of 2017 we’ll see things coming back to logical numbers, but not this fall. This is going to keep on going down and gasoline prices will keep on going down as well,” said McKnight.
He says refiners south of the border deserve a lot of the blame because they boosted production in an effort to help their bottom line, which is coming back to haunt them.
