HardAssetsInvestor: Is the U.S. oil boom the biggest reason oil has plunged during these last several months?
Dennis Gartman: I would say 40 percent of the reason
prices have fallen is production in the U.S.; 30 percent is the
dissention and the problems with OPEC; and the rest is
weaker-than-expected demand globally. Rising U.S. production is not the
only reason oil prices are down, but it’s probably one of the largest
HAI: U.S. oil production hit 9 million barrels per day earlier this month. How high do you think it can go?
Gartman: We’re going to be at 9.5 million barrels
per day by the middle of January because there's just so much stuff
still coming on stream. We’ll be 9.5 early next year and we’ll be at 10
by midyear next year. After that, you may get some slowing of the
increase in production. (more)
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