Posted By RichC on December 6, 2008
The crude oil pendulum is swinging back just as quickly as it went up, and might even drop lower than most drivers have seen in quiet a few years. According to reports from a Merrill Lynch Commodity report, oil prices may crash below $25 a barrel in 2009 and gasoline prices could fall below $1 per gallon. Demand for oil continues to decline as economic growth has already down to its weakest level since 1982. The report also states that the global recession could extend to China and that non-Opec cuts will be required. Since October, oil has moved from $100/barrel to a close of $43.64/barrel on Friday. So much for alternative fuels and alternative energy.