Art Berman Sees Oil Heading To $16, Will Lead To “Banking Bloodbath”
by Tyler Durden
ZeroHedge.com
03/01/2016
As Nate Hagens noted, “people think that the economy runs on money but it runs on energy,” and as Art Berman details in the following interview how the current oil price collapse represents devaluation from over-investment in unconventional oil – and most commodities – because of cheap capital, and is simply a classic bubble. “Continued oil prices of $30 per barrel or less are the only reasonable path to higher growth and a balanced oil market,” Berman contends, adding that he expects $16.50/bbl – “I think we’re gonna get there.” Berman concludes ominously, we’re not going ‘back’ to anything – “Normal is over, and there is no new normal yet.”
The Rest…HERE
