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Marathon Exec Sees Continued Gas Price decline

May 20, 2011 by   - () Leave a Comment

Industry exec sees decline of gasoline prices.

A senior oil industry executive is expecting a continued drop in gas prices this year.

Marathon Petroleum Co. President Gary Heminger anticipates lower crude oil prices following the unrest in Egypt and other parts of the Middle East, Inside INdiana Business reported. Heminger, who spoke in Indianapolis this week, also says it is critical to find ways to bring more crude from Canada into the Midwest, or that supply could end up in China.

He says Hurricane Katrina brought a key issue in the Midwest oil supply chain into focus. Heminger says the Gulf of Mexico at the time was the only major source of crude, but now the supply from Canada has been built up.

He would like to a return to drilling and exploration in the Gulf, which he considers a “prolific area” for oil.

Heminger adds there is a “risk quotient” inolved in crude and gasoline prices, which has been affected this year by the Middle East and flooding along the Mississippi River.

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