Gary Shilling, writing at Bloomberg, says oil may fall as low as $10
In brief he cites:
China is slowing, is minimal in the euro zone and is negative in Japan. Throw in the large increase in U.S. vehicle gas mileage and other conservation measures and it's clear why global oil demand is weak and might even decline
And
output is climbing, thanks in large part to increased U.S. production from hydraulic fracking and horizontal drilling. U.S. output rose by 15 percent in the 12 months through November from a year earlier, based on the latest data, while imports declined 4 percent.
... not forgetting:
On Nov. 27, OPEC said that it wouldn't cut output, sending oil prices off a cliff. The Saudis figure they can withstand low prices for longer than their financially weaker competitors
The article is ungated, more: Get Ready for $10 Oil
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10 bucks?
I'm gonna have to trade my gas-guzzler for a bigger, thirstier gas-guzzler
