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 hasn’t seen since 2008—causing the TV anchor to do a double-take.
“There’s no such thing as fair value,” Verleger explained. “Prices will overshoot for every commodity; farmers have been talking about this for a hundred years.”
Verleger has a PhD in economics and has written “over 100 articles and books” on energy economics, according to The Globalist.
At $40 a barrel, gas would be about $2 a gallon. The current WTI price of a crude oil is $79.67 per barrel according to Oil-Price.net.
Around town, the cheapest gasoline in Wilton can be found at the Rte. 7 Citgo for $3.76 a gallon.