Exxon Falls on $25 Crude Forecast

Bloomberg:

Crude oil tumbled 6.8 percent to $43.59 a barrel in New York, the lowest price since January 2005. It has plunged 70 percent since the closing record of $145.29 set in July and may fall below $25 next year if the recession that’s slashing fuel demand around the world spreads to China, Francisco Blanch, commodity strategist at Merrill Lynch, wrote in a report today.

Sorry to be smug, but...

Update: Francisco Blanch doesn't have the best track record. Even as of August he still didn't recognize the bubble for what it was (Bloomberg video).