15 Jun '12, 5pm

Guest Column: Yes, Oil Prices Are Cyclical: With the shale oil boom promising over one million barrels a day of

Guest Column: Yes, Oil Prices Are Cyclical: With the shale oil boom promising over one million barrels a day of

Jim Wilson/The New York Times An oil wellhead near Williston, N.D. A gas flare burns at the rear. Amy Myers Jaffe is an energy consultant and the Wallace S. Wilson Fellow for Energy Policy Studies at Rice University. The latest round of briefing papers on oil published over the last week on Wall Street is a testament to how quickly things can change when it comes to oil prices. Less than a few months after Brent crude prices topped $125 a barrel, Wall Street is suddenly predicting a possible collapse in oil prices to $50 a barrel. The forecasts, which may or may not prove to be correct, reflect more than just a cloudy economic outlook for Europe. There appears to be a definitive shift brewing in long-range perceptions about future oil supplies. With the shale oil boom promising over one million barrels a day of new oil production within a year in the United States, analyst...

Full article: http://green.blogs.nytimes.com/2012/06/15/guest-column-ye...

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