That means not only has OPEC lost its biggest customer (America), but it no longer has the ability to manipulate prices to its own advantage.
Morse is no obscure analyst. He correctly predicted that oil prices were in bubble territory back in 2008 when crude surged to nearly $150 a barrel and Goldman Sachs was predicting a “superspike” to $200.
Forget $200, Morse is now calling for oil to possibly sink to $20 this year.
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It’s easy to see how the free market could play a much greater role in the future without OPEC putting its fingers on the scales.
“Each producer in the United States will do what’s best for his or her specific company, not what’s best for oil,” said Brenda Shaffer, a professor at Georgetown University who recently testified before Congress about energy security.
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