Here's a forecast that will knock your socks off. Professor Philip Verleger from the University of Calgary is predicting that oil will drop to $20 per barrel this year. This price was last seen in 2002.
He states that a surplus of 100 million barrels will accumulate by the end of the year.
Concerning the economy he said: "The economic situation is not getting better. Global refinery runs are going to be much lower in the fall. If the recession continues and its a warm winter, its going to be devastating."
Google's plan for netbook PCs moves higher into the clouds
Closing Bell: Stock bulls and dollar death (DDRX,GMCR, PEET, SBUX, EBAY, CI, TECD)
So long peak oil, here comes peak uranium
