Philip Verleger, an economist and founder of PK Verleger LLC, said that gas prices could drop all the way down to $2.50 a gallon by November during a recent interview with Bloomberg TV.
Saying that Saudi Arabia has ample reason to overproduce more oil than the market needs, Verleger said a barrel of crude oil could fall to $40 a barrel something the US hasnt seen since 2008 causing the TV anchor to do a double-take.
Theres no such thing as fair value, Verleger explained. Prices will overshoot for every commodity; farmers have been talking about this for a hundred years.
Economist: Gas Prices Could Dip Below $2.50 - Woodbury-Middlebury, CT Patch
Saying that Saudi Arabia has ample reason to overproduce more oil than the market needs, Verleger said a barrel of crude oil could fall to $40 a barrel something the US hasnt seen since 2008 causing the TV anchor to do a double-take.
Theres no such thing as fair value, Verleger explained. Prices will overshoot for every commodity; farmers have been talking about this for a hundred years.
Economist: Gas Prices Could Dip Below $2.50 - Woodbury-Middlebury, CT Patch