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WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
Originally posted by Bunch
reply to post by schrodingers dog
Yeah I got to agree with you that its going to be hard to regulated but I stiil think that the U.S. still has some leverage and a big one, that been that we are the world largest consumer, so if they want to play here, they are going to have to abide by our rules here, or at least some of them.
Think about it if they were afraid of regulation they would have moved their operations completely to international markets already.