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."
Labels: Oil, Saudi America
