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Expected Gas Price Drop To Give Drivers Some Relief

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The Tampa Tribune

Published: November 14, 2007

Gas prices likely won't hit a new high this month, thanks to increased oil production and a report that says worldwide demand for light crude will decline next year.

For consumers, that means gas prices will start coming down next week, maybe as much as a dime.

"I think prices are about to tip, unless there's a major supply interruption," said James L. Williams, an oil industry economist.

If not for the drop in oil prices, November could have been on pace to beat the record set in March 1981 when the Iran-Iraq war pushed gas to $1.35 a gallon - $3.18 in today's dollars.

Business, Page 1

•Oil prices that last week seemed on an inevitable path toward $100 a barrel slid more than $3 to $91 on Tuesday after the International Energy Agency cut its demand forecast and said crude supplies are rising.

•Retail gas prices, meanwhile, climbed further above $3 a gallon amid some predictions that prices would increase as oil approached $100 a barrel.

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