Exxon Mobil, (NYSE:XOM) the nations largest oil company stock has dropped almost 2 percent. While Conoco Phillips has dropped nearly 3 percent, the oil prices continue to change. As a whole, the oil trading industry has lost a total of 20 percent in just two weeks.
With the Summer Driving season almost here, many are wondering how, with the fluctuation of oil trading, it will effect their plans. The good news comes to U.S. motorists who should see a substantial drop at the gas pump, just in time for Summer.
Earlier this month gas spiked close to $3.00 a gallon. Tom Kloza from the Oil Price Information Service has said, prices will hit $2.75 a gallon or less by next week within many areas in the U.S.
Kloza also stated that the crude oil companies are the only losers in all of this, but they will still make plenty of money at the current oil prices.
If the oil prices today stay at the current price of around $70 a barrel, Kloza said that will translate to $2.60 - $2.65 a gallon. With some areas in the U.S. getting as low as $2.50 a gallon.
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