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Schork: Sub-$30 oil possible

Posted on 26 February 2009

From Hardassetsinvestor.com: Now it was interesting; in September, when oil was at $115, I was at OPEC, and I gave a presentation to OPEC, and in this presentation with oil well above $100, I gave them my call for $75. And I tell you, I was surprised how surprised they were that I thought it could go to $75.

I didn’t think oil was going to $75, because if OPEC thought it was impossible, then I think we were going to $50, because if they thought it – everyone – and they were betting the wrong way, and when they had to exit, that exit pushed us past $65, which is where probably fair market value is in today’s market….. Full Article: Source


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VRS - who has written 38163 posts on Opalesque Commodities Briefing.


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