And OPEC, the US government and oil companies do not want oil at far under $100.
And OPEC, the US government and oil companies do not want oil at far under $100.
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Agree. And this will likely help keep oil prices in the $100 range until +-2020 or so. However, high oil prices will make Sheffield’s prediction of 14 million barrel’s a day inevitable. Why? because fracking oil is high cost oil production. According to Sheffield, the only thing that stands in the way of 14 million barrel @ day US oil production is....low oil prices.
Eventually however, say after +-2020 oil prices will start to fall because of demand destruction caused by natural gas houses trains trucks and buses and electric cars.