US Oil Headed for Steep Drop to $75: Pro

[blacken700]

Source: CNBC

The price of West Texas Intermediate crude oil is set to plummet to $75 per barrel as increased use of shale oil in the U.S. blots out demand for WTI, one expert told CNBC.
 
Andrew Su, CEO of Sydney-based commodities trading firm Compass Global Markets, gave a bearish forecast for WTI on CNBC's "Asia Squawk Box" on Tuesday. He said its value would drop around 18 percent by the end of the second quarter and even further beyond that time.
 
"Shale oil is the reason why oil prices fell last year and the reason why it will continue to fall in the next few years," said Su.
 
"Shale oil will reshape the way that the entire oil industry is run, and the U.S. will become an exporter of oil in next five to 10 years. That will have a significant impact on the U.S. and the global economy," he added.
 
(Read More: California's Monterey Shale, the Next Oil Boom?)
http://www.cnbc.com/id/100480051

[24KT]

That would be great for consumers, however, from what I've heard, the global elite want it upwards of $225/barrel.

Sadly, they appear willing to start a war if they have to, in order to get it there.

[tu_holmes]

That would be great for consumers, however, from what I've heard, the global elite want it upwards of $225/barrel.

Sadly, they appear willing to start a war if they have to, in order to get it there.

Even if it's 75$ a barrel, it will not lower consumer gasoline prices.

[Fury]

That would be great for consumers, however, from what I've heard, the global elite want it upwards of $225/barrel.

Sadly, they appear willing to start a war if they have to, in order to get it there.

From what you've heard, eh? Was this when you attended the Bilderberg meeting? I mean, your fairy gold dust company is a major player on the world stage. 

[24KT]

Even if it's 75$ a barrel, it will not lower consumer gasoline prices.

You're probably right. Consumers seem to be complacent and have now grown accustomed to the high gas prices.
Up here in Toronto, we're at $1.30/litre. I can remember drivers freaking out when we hit $0.65/litre. {sigh}
Those were the days...