Oil headed for $50 a barrel? HAHAHAHA!!!

[link to video.foxbusiness.com]

Analyst Predicts Oil Price Collapse To $50/Barrel

The current surge in U.S. crude oil production could put so much downward pressure on domestic oil prices that a price of $50 a barrel is possible in the next two years, according to an analysis reported by Business Insider.

"North America's energy supplies are surging while the rest of the world continues to fight for scarce molecules of oil and gas," the analysis states. "On our estimates, onshore U.S. crude oil output now vastly exceeds previous growth rates in liquids and natural gas, particularly in the Lower 48 states. With profitability for U.S. domestic oil producers very high and no change in sight to U.S. rules preventing crude oil exports, we expect [West Texas Intermediate crude (WTI)] prices to continue to lag international prices. Indeed, we see a risk of WTI temporarily falling to $50/barrel over the next 24 months to force a slowdown in supply growth or a change in crude oil export rules."
- See more at: [link to americanenergycoalition.com]

Last Edited by TheGasMan II on 04/01/2014 10:50 PM