"Indeed, while rebuilding Iraq's decrepit oil industry could cost the U.S.
billions of dollars, that will be more than made up by lower oil prices over the
long term," the Fortune article predicted. "For starters, $20 a barrel oil would
probably bring prices at the pump down to $1.35 per gallon, well below the
current cost of $1.71."
That's from Bill Wineke's column in this morning's Wisconsin State Journal. He goes on to say:
The prognosticators figured it might take three years or so for the lower prices
to develop, but develop they would.
UPDATE: Paul Soglin shares the President's reaction to record high crude oil prices. Surprisingly, Bush doesn't know that we are facing record high crude oil prices. The folks in Midland knew he was the worst oilman ever. Now the rest of us are finding out why.