Glut of oil could push gasoline prices back down below $2 a
LA Times
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Energy experts say oil supply is outstripping demand. Eventually suppliers will tire of paying to store all of the surplus oil and flood the market, they predict.
A year after oil hit a record closing price, the commodity's price is way down -- and may fall significantly further as supply continues to dwarf demand.
Downward pressure on oil prices is so great that crude could trade for as little as $20 a barrel by the end of the year -- less than a third of what it traded for this week and an 86% drop from its peak last year, analysts said.
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