Will Oil Prices Skyrocket?

Oil prices could see a dramatic crash in the coming years. The Washington Examiner reports:

new analysis shows oil prices could rise to $200 per barrel, and even higher, in the next 12 to 18 months.

Philip K. Verleger, senior adviser to the global consulting firm the Brattle Group and adviser to Congress on commodity prices, released a report from his independent firm PKVerleger LLC this week that included this bold claim. He predicted a 2020 economic collapse based on the oil commodity market and the lack of diesel fuel.

“Catastrophically high oil prices will cause the impending recession,” said Verleger. “The world oil market will see prices at least double.” And from there, the sky is the limit, according to his analysis.

From the $200 mark, the price of crude oil could surge to a price of $400, he said. Prices currently range from $65-$74 per barrel.

This would impact not only the cost of oil, but all prices in general.