"U.S. will produce more oil this year than last year," asserts Wien. Domestic natural gas production will increase (otherwise known as "fracking" - a highly controversial way of producing energy) and more oil from Libya and Iraq will lead to a price decline, he says. Moreover, world-wide demand for crude will soften as global growth slows.
President Obama has expressed his support for more domestic energy production, mentioning both natural gas and offshore drilling in Tuesday night's State of the Union address.
"The prospect of the U.S. becoming less dependent on Middle East oil is a game changer," says Wien. "It's a big deal." |