Excerpts from an Interview posted on PBS
We are seeing oil prices start to stabilize, significantly lower than they were this summer. We’ve got very soft demand globally and expanding supply from the U.S. and really all eyes are on OPEC now to see if they cut back supply or continue to add supply and let prices continue to fall.
The U.S. is producing a lot more oil domestically, importing a lot less, which makes a lot more oil available on the world market to go to Asia. But China is not importing — or the growth is slowing down there.
Also, in developing countries, cars are getting more efficient and people are driving less. So demand globally is growing at the slowest pace since 2009 and 2009 was, obviously, a very weak year. And at the same time there is all this supply coming on from the U.S. and elsewhere. So that’s why we’ve seen prices take such a nosedive.