Expert makes the case for $400 per barrel oil

A 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.