BOSTON — A Massachusetts-based oil executive is boldy predicting that pump prices might fall to $1 a gallon in early 2009.
“The oil market is a manic-depressive market. It tends to over shoot,” said Joe Petrowski, CEO of Gulf Oil.
Petrowski, who has been studying the oil business since the 1970s when he wrote his Harvard thesis on oil, said that the price of oil could sink to $20 per barrel.
“The market overshot last summer on the high side. Oil should never should have gone to $147, but it did and it can,” he said.
Petrowski is betting that the slide in oil prices will continue to fall dramatically.
“There is a better than 25 percent probability that we’ll see oil go as low as $1 a gallon sometime after the first of the year,” he said.
Now we can bring back the guzzlers and delay electric cars for a few more years.