Oscar fashion forecast: Gray skies and bright colors!

Will the residual crippling financial impact of the writers strike leave a dark pall on Hollywood's most celebratory night?

Don't bet on it.

Fashion industry insiders are now predicting exactly the opposite. The updated forecast is a veritable burst of spring colors -- lavender, red rose, warm peach, floral pink, fresh grass green, even sunny daffodil -- on Sunday's red carpet.

And the hot new fall hues -- the blues, purples and greens seen in the recent European couture show -- will also pop up. According to Leatrice Eiseman, executive director of the Pantone Color Institute, "Blue Iris is Pantone's Color of the Year for 2008."

This is making the always last-minute accessory decisions -- shoes, bags, jewelry -- become a down-to-the-wire tizzy.

"Everyone told me that the mood would be subdued and that lots of actresses would probably be wearing black," said Sally Morrison, director of the Diamond Information Center. "Instead, all the stylists are asking for jewelry to go with bright colors and jewel tones."

Historically, actresses such as Nicole Kidman, Cate Blanchett, Michelle Williams, Reese Witherspoon and Jennifer Garner have made fashion headlines by wearing vibrant and unusual colors to the Oscars.

Who can forget Nicole's absinthe green Dior gown, Michelle's mustard yellow Vera Wang frock or Jennifer's apricot Valentino?

Here's a fond look back at some of Oscar's most colorful moments.