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Posted by: Cityslicker 1 year, 4 months ago
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WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of
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passage of a new law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday .
Fadel Gheit of Oppenheimer & ; Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Consultants
agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets .
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."
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