Mark my words, (aside from any unforseen disasters like the one we just faced, or some HUGE terrorist attack) oil will be below $35 a barrel within one year.
Within five years, it will be in the mid to lower $20's.
There is still tons of oil out there, boys and girls. It is simply a matter of getting it out of the ground and refined. I believe this current crisis will force politicians to loosen EPA regulations and open several more refineries.
Now, about the price of gasoline, who knows how much that will come down? If demand is still high at $3 a gallon, I wouldn't expect the major oil companies to lower it too much.
We will never see sub-$2 gas again. But I think we'll get pretty close.
Regards,
Stinger (who is a glass-is-half-full kinda guy who gets 11mpg)
p.s. I am serious