I watched it all happen in Texas in the 1980’s.
I do think he is wrong about the price of oil, I looked at it saying around $60.
Most of oil was speculation and hysteria. It’s real value is around 15 bucks, so I’d expect a full drop to 25-30 easily.
However, another terrorist attack or hand-waving nonsense situation that’s totally unrelated to real supply/demand could make it go to 300.
Oil price is entirely emotionally based. And that changes with the feelings of the market. Few months ago 200 and up was the limit, now it’s how low can it go.
It’s a filthy, dirty, rotten system that holds too much power.
I look for oil to have another spike when Iran tests Obama by closing the Gulf. Sell quick though, as oil will come back down when Obama surrenders.