Will $120/barrel Oil be the New Normal?

According to gregor.us 60% of the world’s oil supply is derived from non-OPEC sources and the non-OPEC world of oil peaked in 2004.   Non-OPEC supply post 2004 was NOT responsive to the run up in crude prices.  Gregor predicts the “new normal” for oil prices post recession will be in the order of $120/barrel.

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