Pop Goes the Oil Bubble!

Thursday, 17 Jul 2008 | 7:25 PM ET

Oil prices fell $5 overnight, dropping 11% in the past three sessions. As William Smith, president, CEO & senior portfolio manager at SAM Advisors sees no justification for the high oil prices, he tells CNBC's Amanda Drury & Sri Jegarajah oil could fall as low as $40-a-barrel.