Could $1 Gas Return again?

Gas prices in June rose to a record $5 per gallon. Some projected the price would exceed $6 due to the poor supply and Russia's invitation to Ukraine. The current price is $3.78 and is rapidly decreasing.

Gas prices were under $2 per gallon in 2004 and 1989. Gas cost $1.50 on average back then. These cost variables might recur.

Oil prices fell by $14 per barrel in 1989. It is now $90. OPEC members struggled over prices in the late 1980s. Prices dropped as OPEC members competed for market share.

Russia delivered a lot of oil to China and India while cutting off the supply to Europe. Large oil consumers are provided with plentiful supplies, which drives down costs.

The EIA predicted that oil output would increase in 2019. Exxon and Chevron will boost production in the Permian Basin in west Texas. Even though the crude reserves in this region are among the largest in the world, they are finite.

Venezuela has the greatest oil reserves in the world despite its political differences with the United States and Europe. Chevron has asked the U.S. Treasury to boost the number of licences it has in Venezuela.