Sunday, December 02, 2012

 

Saudi America


Earlier today we reported on the BofA/ML analyst who thinks it's possible that in the next 24 months, prices of West Texas Intermediate crude (the benchmark for US-borne oil) could fall to $50/barrel
The basic gist: Thanks to oil from shale, production is growing like bonkers, and it will overwhelm the infrastructure, leading to huge gluts and collapsing prices. 
There's a new phrase being bandied about and that's "Saudi America."

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