In some Spots Gasoline is below $2 a Gallon

Fuel prices are up and down on the whims of traders who often care about things seemingly not related to oil production.

Energy industry consultant Dr. O says a lot of it is geopolitics.

"There are issues with Saudi Arabia, with the assassination of a journalist; the Iran sanctions; Russia's aggressive foreign policy in the Middle East."

But Dr. O says it may be a merry Christmas for drivers.

"I do foresee the prices will stay low for a while -- not too long, we're not talking about a year here -- at least for a few more weeks."

OPEC got a shock this week when Qatar dropped out. Dr. O says it's not much of a production issue, but it raises political concerns.

"After being there since 1957, it's not a major thing because Qatar only produces about 600,000 barrels -- it's not significant. But politically speaking, it has a major effect on the credibility of OPEC."

Dr. O says enjoy the low prices while they last; it's likely oil prices will rise in 2019.

 
 

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