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By Jeff Poor | October 7, 2008 | 16:06
Earlier this year, the media trotted out story after story of high gas price hardship as oil climbed to a record-high $147 a barrel back in July. One analyst even predicted in May that oil would reach $300 a barrel.
But, now that a financial mess has struck the markets, oil has fallen from $140 to right around $90 a barrel on Oct. 7. During months leading up to its peak, many were forecasting oil in excess of $200 by the end of 2008 and even $300 within five years. But the economic slowdown has caused the rally in commodity markets to cease, as Equidex President Phillip Gotthelf pointed out on Bloomberg TV on Oct. 7.
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