The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
What wacky speculation giveth, wacky speculation taketh away. The funniest part will be all the enviroweenies who'll start pissing and moaning when all of their alternative fuel projects dry up and blow away.