Home / Energy / Slip-sliding: Oil could drop to $30 a barrel by end of year

Slip-sliding: Oil could drop to $30 a barrel by end of year

Oil is slippery for a reason. It jumps and plummets. It just doesn’t stay still for long. Once in awhile, the price of oil seems to go up and down almost simultaneously, as it did in 2008. That’s when the price of crude oil hit its all-time high of $147 per barrel in the summer, only to plunge to $32 by the end of the year.

Suddenly, it seems like 2008 again.

Experts are predicting that oil could fall to $30 a barrel, as the European and Chinese economy tank, along with consumer demand, and the U.S. dollar strengthens. Combined with a glut in supplies, the price of crude oil is tumbling. Last week, it fell it a six-year low, at around $43 a barrel.

What that means for motorists, in some parts of the U.S., is gasoline prices below $2 a gallon.

The trend is there already, with fuel selling as low as $2.21 a gallon in Mount Pleasant Thursday morning.

The lowest prices in the Waterloo-Cedar Falls metro area were ranging from $2.49 to $2.59, compared to a statewide average of $2.63.

The trend is for prices to fall as the weather cools down and stations switch to cheaper, winter blends, beginning Sept. 15.

In the fall, gasoline production typically slows in the U.S., as oil refineries undergo maintenance. Shorter supplies generally create price increases, but demand also goes down as the traditional summer driving peak season ends. This year, falling demand is predicted to outweigh declining supplies, adding more downward pressure on prices, experts say.

But, again, oil is capricious, and before gas prices go into any sustained dive, we can expect a temporary upward blip in prices for the next week or so, said Gregg Laskoski, senior petroleum analyst with Gasbuddy.com, which tracks prices daily.

A problem at the seventh-largest refinery in the U.S., in Whiting, Ind., experienced a technical glitch last week. The BP refinery supplies much of the Great Lakes region’s gasoline, Laskoski said.

“The Explorer Pipeline from Tulsa (Okla.) to Chicago is going to bring some relief to the region, but it’s going to take about 10 days, so you’re going to see some high prices in the Great Lakes region and possibly some neighboring states,” Laskoski said.

Related: Oil near six-and-a-half-year low on Japan slowdown, China worry.

Some of those higher prices will ripple into Iowa, although “to a much lesser extent,” Laskoski said.

Indeed, priced across the Waterloo-Cedar Falls area jumped by about 3 cents a gallon last week, although spikes in the Great Lakes area could exceed 30 cents a gallon before the problem is fixed, Laskoski said.

What happened at the Indiana refinery was unclear, Laskoski said.

“They haven’t issued any statement, but that’s not uncommon because refiners generally play these things pretty close to the vest,” he said.

Whether oil reaches the $30 level, no one can predict, Laskoski said.

“Obviously, we can’t rule it out,” he said. “I don’t know whether or not all of the folks following the industry would agree with that (prediction); I don’t think they would.”

What is known is that oil will be trading in a “pretty low range” below $50 “for the foreseeable future,” Laskoski said.

Oil’s 2015 peak is $62 a barrel. There’s no telling when the price will be that high again, Laskoski said.

“There’s just a glut of product that outpaces consumer demand both in the U.S. and on a global scale,” he said. “We’ve seen the economy in Western Europe slow down, and demand there has, too. Same in China.

Last week, China devalued its currency, and that’s a big part of global oil trading, Laskoski said.

“The U.S. dollar appears stronger in comparison to those currencies and that contributes to downward pressure on commodity prices, including crude oil,” he said.

This article was written by Jim Offner from Waterloo-Cedar Falls Courier, Iowa and was legally licensed through the NewsCred publisher network.


  1. There goes my sailboat money…sh*t!

  2. It’s a damn shame that water and milk cost more per barrel than oil!!!

  3. Get a cdl and haul crude. All is good in the victoria area

  4. Everything either went under or moved to other places

  5. All the majors were already moving to San Antonio already anyway.

  6. Sad. But it HAPPENS every 8 to 10 years.

  7. Natural gas will come up with the pipeline to Mexico, and the export plants being built. It will be just like 2008, get slow then another boom.

  8. Luis Va Emmanuel Amador Juan Benavides

  9. Fact is, nobody knows wtf could happen.

  10. and somehow Gas is 290 a gallon in ohio

  11. Then ask for bad weather so we can all do some maintenance.

  12. Ole “Carlos Cantu” thinks it should be at $10 a barrel. Well I looked at his page and it appears that he just eats and drinks Beer constantly Soo…. I assume someone else is paying his bills since he is the “CEO of House Husband”, I figured laziness played a role in his outlook. My questions, “why would you follow this page? and second why would you think it would be clever to comment some ignorant shit like that” the government can’t pay your bills at $10 a barrel Bro!

  13. Economics. Supply and Demand. There are several producers that can now turn a profit above $32/bbl on fracked oil. I’m not going to go deep into the details of it, but the days of $100/bbl oil are over for the foreseeable future. If your livelihood is based on high oil prices, plan accordingly.

  14. So long Bakersfield! Only 2 things keeping that town alive AG and oil California’s in a drought and oil is in the sh**ter!

  15. Everybody wanted natural gas to go back to be 10% of oil

  16. Frank Guerra Stephen N Odessey Ramos

  17. Angel Ghr Grimreaper Garcia Jc Guajardo Mike Villarreal Dammit Boy Not Good…..

  18. Why are people “liking” this post?

  19. Great news!
    Hope the shale gets closed, or they fix their ozone pollution coming out of fracking!

  20. What the hell are you talking about Ram?

  21. If people actually though oil would stay where is was at……you gotta be stupid……never put all you eggs in one basket plan for you future not just for tomorrow

  22. And on top of that you know how many people over bought toys and crap they didn’t need and now the are all hurting for money and jobs…….there are still peop km e working in the oil fields……it’s just a more efficient way now……

    • You are 100% Cory. I’m steady hiring vac truck drivers in a down turning market. Efficiency is key. I’ve seen a 40% growth since February . But you must manage your growth as well.

    • If people would only save instead of living extravagant lifestyles, they wouldn’t be hurting when oil goes down or during a layoff.

      We live.modestly, live in a single wide (that we paid cash for), most months we save 40-50% of my husband paycheck and he doesn’t make super good money or anything. We also have 3 years of living expenses in savings (most of which was saved while he was active duty Marines).

      Instead of buying a 70k car or having to live in a 300k house, live simple and modestly and treat savings as a bill.

  23. Now, if you saved any of the money you made working this boom…. Invest it in an E&P company who’s stock has temporarily tumbled and sit back and wait. You will be greatly rewarded in 12-24 months

  24. $30 = $22 Illinois Basin = Bankruptcy.

  25. “Whether oil reaches the $30 level, no one can predict, Laskoski said.
    ‘Obviously, we can’t rule it out,’ he said. ‘I don’t know whether or not all of the folks following the industry would agree with that (prediction); I don’t think they would.’

  26. This is not good for my investments

  27. Jordan Ryan Gonzales buy more energy stocks

  28. Damn good thing I didn’t go back

  29. Haha – SAP is still keeping you busy huh?

  30. I wish people would stop trying g to guess how low or high the oil price is going to be cause no one knows and that’s a fact!

  31. Unless you ride a horse everywhere you go then anything you say about pollution makes you a hypocrite

  32. Every 4 years prices drop. I wonder why

  33. Hope not! I have a lot of business here!

  34. Misti Olivier Hamblin this ain’t good…

  35. People don’t understand what it will do to the economy. Everyone losing high paying jobs in the field will just go collect a unemployment check because it’s still more money then working a job paying 10-12 hr

    • Max unemployment benefit is $465.00 a week before tax. No one can live on that

    • That’s funny because my buddy that was laid off is getting 485 a week. And it all depends what part of the country you live in. For instance I live in west Texas in a college town most jobs around here pay 10-12 an hr. I used to work at a hospital years ago making 10 an hr 40 hrs a week. My checks every two weeks ran around 680×2 thats 1360. So yes the 469-489 a week is more money and most cities around us pay the same with or without a college degree.

    • And even if it’s just a temporary fix until you find another job. Image thousands upon thousands of people filing unemployment at the same time. You don’t think the economy is bad? But I guess your are right we live in America and nothing bad will ever happen here right! Look around the world things aren’t what they used to be

    • Yeah Josh Hill like Greece, Puerto Rico, Venezuela, Russia, among others I am sure I am omitting, this effect of low oil prices are not just hurting us field hands here in the states but they have a global affect on many many geographical locations around the world. Sh*t is happening and happening fast. All I can say is I hope all of you are right with God and are living right these days. For too much is happening too fast for this just to be another typical bust.

    • Till unemployment runs out hubby’s is runny out next week been laid off for nine months

    • That’s why it’s good to have a trade to fall back on.

    • Government won’t be getting our tax dollars from our overtime. Wonder where the money will come from to support all the “programs” the current administration touts?

    • The economy will be fine. I’m not going to be guilted into feeling bad because I don’t.

    • Nobody asked u to feel guilty. And I hope you are right however if you look at the stock market just last week alone it might show you that we are in trouble! Yesterday was the worse day the stock market had in four years! The Dow was down over 400 points. Oil and gas is what brought the economy out of recession in 2008! I’m employed and doing just fine but also pay attention to things. I’ll leave this link here but you probably won’t believe it either


    • You mean like the rest of us? As a farmer, I hope we get together soon and screw everyone at the grocery store so we can sit back and crap out reasons bread should be $25 a loaf. Oil people have a MILLION reasons that they should be exempt from the rules. Just as bad as congress.

  36. I was reading that this morning

  37. Why not grow the renewable energy sector which will replace the jobs that the oil industry lost hmm common sense isnt it

  38. I’ll fill up with 99 cent gas with a smile

  39. If you fluff necks were smart you would have saved for bust like these instead of buying big lifted tonka trucks, and maxing out debt like a fool. Then bought into all these companies stocks for pennies on the dollar! Once it goes back up, you get your job back plus an early retirement bonus…. What do I know though..

  40. Yeah I saw this…. and I heard about it too from some ppl I know, there are to many variables to consider than to listen to these fortune tellers… but if it does we gotta fight through it.

  41. Yeah it’ll get better one day just gatta go with it

  42. You may want to look into what fracking is before you say stuff like that. The fracturing of the rock 2 miles below the surface doesn’t actually cause air pollution. Yes some of the equipment on surface does and things like that but a lot of that is trucks running similar to what happens on the interstate. Anyway I wouldn’t say something like that to show just how clueless I was on a page full of people who do know what’s going on.

  43. Hope you dont think the gas from cracks of rocks comes through an hermetically sealed tubes!


  44. Shell has predicted that we will be out of this in 2020. Life sucks at the moment but it what it is. So sad that people in my industry have lived beyond their means but American jobs are in jeopardy because of your president Obama allowing Iran in the mix. I hate to say it but you voted for him, you got him, and now he’s screwing us.. Thank you chief of command for assisting in our failure..

  45. Like 2008 again? This is way worse and will last way longer. 2008 was nothing. This is going in the books as the worst bust ever. Makes 1986 and 2008-09 look like a bump in the road.

  46. I second that you really are an idiot, omg!!!!!!

  47. Thousands of people can’t feed their families due to lay offs and I doubt you ride a bicycle to work. So you are a hypocrite and an idiot.

  48. Ignoring your ad hominems! 🙂

    Lets look at the core issue.
    Fracking is not bad, its like oil drilling or mining. We all depend upon it just like other fields like medicine and banking. But it does not prevent us to ask for ethical Wall St or medicine, not quacks. Same way in fracking, there are equipments available to monitor and plug the leaks of methane!

    I am sure none of us want to breathe that air, nor we want our families to breathe that. Even One major Oil company’s CEO sued another shale company for drilling few miles away from his gorgeous mansion!

    Thank You!

  49. Should not have gotten to 100 in first place. Now oil companies r making millions not billions

  50. The rich are only worried about lining their pockets. They’re not worried about the man that busting his a** doing are the hard work. F**k all of you blue collar mother fu**ers

  51. Even $20 on offshore haha 🙂

  52. Shut your tree hugging booty hole!!!!

  53. Keep falling. $15-20 a barrel would be great

  54. I’ll bet anyone on here $100 that oil is over $65/bbl by december. I’d even go as high as $75/bbl. Don’t panic. Just hold fast

  55. That computer or cell phone your using has petroleum in it dummy among thousands of other thing, research and quit making yourself look like a stupid liberal!!!

  56. Ram, you’re incorrect. Sorry.

  57. May be a dumb question, but is this going to affect West Tx area too?

  58. Gas is still $370 in California

    • That’s mostly because of their state fuel tax. Almost highest in the nation.

    • Yep. And its going to get worse. .California is pushing for a 50% reduction in fuel usage over the next 15, years.

    • Yep. Stupid idiots want more fuel efficient cars. Oops that demolished their gas tax. So what do they do? Raise it. Defeats the entire purpose. Gas will never be cheap in California. They can’t afford to let it be. Sends such a false narrative to those people that don’t understand it. They blame the oil companies for it still being high. When it is none other than their own state screwing them.

  59. About time, my old ass corvette is getting thirsty. And at 9 mpg she is a beast

  60. We know we can expect a tree hugging comment from him when he uses “fracking” thanks to the liberal based media he watches.

  61. You dumb a**! Our economy is based on oil you fool.

  62. Got any proof of that lawsuit? If not your argument is totally invalid

  63. I went to the oilfield almost right after college and now because of the slowdown I’m going back for my second degree…

  64. Offshore is always going to be there too expensive to move you guys infrastructure; not a typical rig move

  65. Our lives depend upon the air we breathe too!

  66. Mike,
    Here… Exxon CEO filing lawsuit to prevent shale oil. He thinks its a nuisance!
    “Not in his backyard”! But happy to screw others and make billions!

  67. Jose Angel Silva – time to get that CDL

  68. And….. Suddenly everyone is an energy economist.

  69. Ozone pollution? From Fracking? Guess you’re one of those idiots buying into the climate change scam. Keep your Google searches to yourself. Not everything you Google is fact, you dumb a**…

  70. Good gawd. He isn’t in the lawsuit to prevent fracing! It’s a water tower lawsuit. Idiot.

  71. You all think this is good;it’s not..

  72. The Exxon CEO has noise concerns, water concerns and underneath all that is the main concern that WSJ, a right wing newspaper printed that as headlne!

    You can research yourself the effect of methane out of fracking leading to ozone pollution! But not sure if any science would sway the bible belt!

    On a cheerful note, the soul and head of Catholics, the Pope himself has moved to the twenty first century!

  73. Bible belt?? Sorry I work directly in the industry. Think I will take my experience and knowledge over any news headline

  74. Work in the industry?
    Oh! Well That explains see no evil, hear no evil, speak no evil of one’s paymasters.

  75. Esteban Hernandez ya valio verga lol

  76. We need to go to war with Iran and take there oil thug life lol

  77. Ram, obviously, thinks that those that do not work in the industry are higher experts about it. Too bad the “experts” he listens too are far left liberal media that has done nothing but attack it with false statements or major spins on facts. Save your breathe, folks. You won’t change this person’s mind.

  78. If our oil industry falls so will our economy.

  79. I know ??? EZ rider here I come !

  80. Too bad he sees evil with something he cannot live without. There isn’t anything you don’t touch that didn’t come from oil. There isn’t a single job that doesn’t use oil.
    Practice what you preach. Without oil you would starve!

  81. Any of you that thinks that oil has no effect on the economy better start paying attention to the stock market. It’s down and has been since oil started dropping. Huge drop today.

  82. Thats a redherring. I already said that above. Do you see everything as absolute? Good. bad.
    Or do you see everything as pros and cons, and we should strive to minimize the cons.
    Many industries Cyanide, its an essential compound, but if we operate like China or other nations which dont care,you would have the Big explosions like you saw.

  83. No I see it as fear mongering. The epa has set regulations for methane in regular water wells. You do realize that methane is found in regular water wells no where close to oil wells. Look it up and educate yourself on the regulations on methane gas release valves. No matter where they are. You all make it seem it’s just from oil. False!

  84. Hey Ram, please tell about the horse an Buggy you ride around in ?

  85. Is shale all about oil? Are the valves made up of kryptonite? Or maybe there are some poorly trained workers hired by Shale! Hence the outpouring defense?

    Please read and educate if you want to.



  86. Now please carry on with your research and do tell me how much methane is naturally released from the sea floor???? I guarantee that the amount you think is released from oil wells isn’t even close to the amount released naturally worldwide. Under the sea floor to water wells. You want to say it’s all the oil companies fault. Do tell me how you plan on stopping it from naturally coming out? Come on show me the numbers on natural compared to oil. Do it! Good luck!

  87. Didnt we win to the rag heads. They lost there a** in oil about 2 weeks ago.
    Plus when they buy and sail oil they are supposed to use us money.

    Doesnt matter anyway our government wants us all to be broke.

  88. So go ahead and tan some leather to wear a loin cloth. Get rid of all your electronics, clothes, household appliance. You know just about everything you own or about 90% because guess what oil byproducts

  89. You think this facts are valid or true? The man wont even show his face. This is how liberlas role.

  90. Pioneer is drilling and Fracing like it’s still $92 dollars a barrel and we are with pioneer .. So we have work for almost 3 hrs

  91. There goes my job and alot of friends jobs as well.

  92. So many posts, but not a single legitimate counterpoints other than abuses , doubts, denials. Because the methane leaking from the valves are a fact, and if you dont care about it, then have the courage to admit it!

  93. I guess it’s time to bail out for now

  94. $60 a bbl would be great for everyone but for all you who likes $ 30 a bbl FU!!!! I hope it goes to $ 200 bbl and u all pay $10 a gal at the pump

  95. We still got meth and the prison system

  96. Have Faith and God will open new doors for us. we need to stay positive its hard but life goes on.

  97. So you have witnessed that personally? I’m on the oil locations every day. On top of the tank every day. Funny that my gas meter isn’t constantly going off. Because by your argument it would be.
    If a tank hatch is left open please enlighten me to what the consequence is to the oil company.
    Post all the propaganda you want but you haven’t proven anything.
    Again I’ll take my experience and the training I’ve had over your bs any day.
    Have you ever even been on a production location? Based on your lack of knowledge I’m betting not.

  98. No sector sustains perpetual boom , look at history. Oil has had a good run. 100 plus oil killed everyones economy except those in the patch . The stock market as well will make a correction unrelated to oil for the most part. The focus should be on policy that makes US free of middle east oil and encourage our allies to choose our oil over the middle east. Guess what , when the Opeckers dont have money there will be less mischief.bring the troops home , defend the borders and all will be well again.

  99. Unless you are in pollution control engineer, your claim to knowledge on this subject based upon your work is akin to a grocery clerk claiming to be an expert on supply chain mechanics.

  100. Obviously you have no idea. Do you know what our gas meters are? Do you have any idea what classes are required?

    Grocery clerk. LMFAO! I’m an oil buyer. Directly exposed to all elements on oil locations. You think methane is a problem. You haven’t met h2s.

    So please enlighten me to what your job is in the oilfield???? Till then put up or shut up!

  101. So buying oil makes you no expert to the experts in the news article!
    You can buy oil, and the manufacturers bs all you want.
    We in the real world look upto real scientists and engineers, not bible to tell us earth is round and there is pollution from shale!

  102. So you can’t answer my questions??
    And you again obviously have no idea what I am exposed to. No I’ll trust my training and gas monitor. Which tells me exactly what I’m being exposed to. Beings I am the one on top of the oil tanks testing the oil. I’ll stick with what I know not what your propaganda tells you.
    Evidently you don’t seem to understand what my job is. Go preach to somebody else. Beings you don’t work in the field which is obvious.

  103. That’s what’s wrong with the world today. Too many idiots like you who think they know everything and feed off the media. It’s on the internet so it must be true right?

  104. The kool-aid is strong within him!!!

  105. Its WSJ and Texas Tribune guys! They report from the engineers who know, not the people who buy and pump gas into cars and think they know science!

  106. Jesus f**k. I don’t pump gas into cars. I am directly on the oil locations. Right there with the engineers.
    When is the last time you were directly on a well site????

  107. Ram, have you seen China,India? Key word being “If” we operated like them. WTF are you talking about? We have the most technology and by far the cleanest air of all major industrialized countries. You can’t even begin to compare us to a hypothetical in the first place, it’s hypothetical.. Second, a fallacy created so that the corporatism liberal cronies can take over the industry for a simple reason, monetary power control, PERIOD. There’s more flatulence from cattle then Fracking rigs. You libtards always forget to use a factual comparison. Conveniently leaving out a very important and valid point. Does this not concern you that you’re buying all this b.s. and not even considering other imparitive statistics?

  108. Hold tight, OPEC about to experience serious internal turmoil.

  109. For the record, I don’t agree with your analysis. I want to hear the details so I can counter.

  110. All I know is God is my provider. He’s got this. Just continue to trust him.

  111. Pollution from nearby eagle shale affects all of us more than something in china,india. As regards to overall pollution, china have as agreed to lower its levels to address climate change. So we have no exvuse, well you guys do – to save your jobs!

  112. Done talking to the ill educated. Good gawd!

  113. Really at this point A break out of war is the only way we’re going to see a significant bump and oil per barrel. We have too much supply here just waiting as soon as OPEC cuts their production and even inches up into 50 or 60 a barrel we’re going to unleash hundreds of thousands of barrels which will drive the price down again

  114. Lol. Oh no!!! Not oil prices. Elections drive the price. After November it will slowly rise up. I’ll just keep living and moving on until then

  115. Brenda Javier Maldonado Lenny Marquez

  116. Cow manure produces more methane than every leaking valve and V.O.C. producing site out there. Ram Dipsy, go to bed. Smegma.

  117. Thanks for admitting that methane leaks out and esp for bringing the VOC leaking issues. Thats a milestone compared to others in total denials and disbelief!
    As to your larger point, hope you agree that cow manure methane is no excuse for not plugging the valves.

  118. It’s just a price gouging war at the pump now… They are still selling it like its 100 bucks a barrel

  119. Good for you Brook Dowis. Obviously, this person doesn’t support oilfield and is ill educated. Only reads what the news, Internet & papers say.

  120. Enjoy it while it’s cheap.

  121. If u worked in the field you would kno most engineers are full of crap book smart that’s it just like you

  122. Then it’ll go back up to $200

  123. Dumba** engineers can’t even figure out how to build a location. I’ve seen some of the most asinine setups. But what would we know were just the ones in the field doing the hands on job.

  124. Damn i’m tired of hearing people act like we are doomed if oil stays high. Did you have breakfast today? Hear any farmers complain about markets? Stop and think, damn… I should really be paying $20 for these pancakes to support farmers? What a joke.

  125. Jordan Ryan Gonzales buy more oil

  126. Wow you’re a genius. Go look at every state around large cities. Especially around ones that have no drilling. Couldn’t find anything that you posted that related it to oil.
    More cars more people more pollution.
    Try again!

  127. Nothing is going to persuade people who are dependent on oil for their livelihood. Coal miners dont know any other trade , so they dont mind dying of coal dust in their lungs thinking its all in Gods plan!

  128. Really I have an accounting degree. I also have a cdl. I have a ton of skills. I also know what I am exposed to on oil locations. It is my job to know.

  129. Btw fracing has been in use for 60 years on oil well. And was actually discovered in the 1800’s

  130. Hmmm one wonders how the leak in valves causing pollution is related its year of discovery!

  131. Hmmm one wonders why my gas monitor has never read methane on the 1000’s of well locations I’ve been on.
    Nobody said a Damn thing about fracing till the oil companies started making “too” much profit.

    Now all of a sudden in the few short years that horizontal fracturing has developed it is destroying the world. Case you missed it emissions are at the lowest level in 50 years.

  132. For some reason you don’t get that we are trained on all this and nor do you know how we protect ourselves. Again I will ask you what the fine is on left open oil hatches. You trying to educate me on my job would be like me trying to educate you in yours. Good luck. On the day my gas meter reads methane I’ll let you know.

  133. I am sorry,but arent you a buyer with accounts degree carrying a meter? How doyou know more than an epa engineers?

  134. Good gawd. Apparently you have no clue what I know. Done explaining what my job entails. You simply cannot comprehend it.
    The epa would like nothing more than to shut oil down. Study after study comes back without the evidence you keep insisting is true. So do me a favor and produce the actual epa report. Not from any other source but the epa themselves. Good luck.

  135. Oh and btw my accounting degree specifically helps me run my company.

  136. Brook,
    Some of my comments were below the belt. I am sorry about that and have edited that out.

    We have different viewpoint on this.But I don’t think you favor pollution as much as I am not for shutting down drilling either till a reliable steady source of energy is available.

    My Best Wishes!!

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