Oil Prices Projected to Remain Low in 2016
UNDATED -- The head of the International Energy Agency expects oil prices to remain low next year as demand weakens and supply remains high.
The price of oil fell this week to its lowest since early 2009. It settled Wednesday at $38.08 a barrel.
AAA Minnesota's Gail Weinholzer says it's good for motorists who are paying at or below $2.00 a gallon in Minnesota. She says with a strong supply of oil and no refining issues, the low prices at the pump should continue. Weinholzer says there's nothing to suggest prices would spike to $3.00 a gallon anytime in 2016.
The executive director of the IEA says they see very few reasons why we would see a growth in the prices.
Weinholzer says, however, small spikes could be felt in the spring and fall changeover periods.
One down side of the low prices is a drop in exploration and investment in production like oil fracking in the U.S.
(WJON's Lee Voss contributed to this report)