Veteran energy economist Philip Verleger insists oil never should have gone much above $70 a barrel; that it did so only because of "a perfect storm" of U.S. policy mistakes, European economic developments and currency shifts; and that it could well end up back in the low $20s before the global economy gets back on its feet.

"I think it will go a good deal lower, particularly next spring [when oil markets are traditionally weakest]," Mr. Verleger said. "If this thing follows a natural cycle, I think we'll see something as low as $20 to $25."

~From yesterday's

Globe and Mail

, Canada's largest circulation national newspaper