The lone analyst that years ago predicted oil prices would soar to record levels now says they are poised for a dramatic plunge to late-1990s levels. Gas prices could fall as low as $1.15 a gallon, Philip K. Verleger told the McClatchy News Service. Gas prices have already dropped significantly in recent weeks, with more conservative estimates putting gas near $2 by Thanksgiving. But Verleger thinks prices could go even lower. With fighting easing in Nigeria, Israel, and Lebanon, the potential for a warm winter, and a lack of hurricane activity, oil and gas prices could drop in a big way, Verleger says.
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