... so gasoline will drop below $1 a gallon?? Sure ...
I hope not...we’d have poor people crowding the streets...
Unlike natural gas for which prices are set locally, oil prices are set world wide. Worldwide demand for oil is rising while US production increases are just offsetting production declines in other parts of the world. It will be 5 years or so before any other countries can bring on volume oil increases byo fracking. So likely oil prices will stay high for the next couple years.
the killer apps however are houses trains trucks and buses converted over to natural has —plus electric cars. These somewhere out 5-10 years from now —will kill demand for oil and oil prices will fall below 2 dollars a gallon.