Gulf Oil CEO says $20 oil possible

Pittsburgh Tribune-Review:

Gasoline prices may fall to $1 a gallon by early next year, Gulf Oil CEO Joe Petrowski said this week.

Oil prices, which rose to a record $147.27 a barrel in July, were driven up by speculators, and "there is a chance the market will overshoot on the way back down," resulting in much lower prices at the pump, Petrowski said during a talk in Newton, Mass.

Thanks to Carpe Diem who also has many other posts on the falling price of oil including this one.

EnergyOutlook thinks maybe $75 is the "right price."