Economist On Low Oil Prices: Concern Is For A Year Or Two From Now

Economist and Peak Prosperity Co-Founder Chris Martenson told Benzinga that the concern for low oil prices should be on what happens in a year or two if OPEC doesn’t cut production.

He explained that $150 billion worth of oil production projects have been pulled, in addition to shale well drillers yanking massive amounts of supplies.

“So, in a year and a half or so, let’s imagine we want to get back on the road to economic recovery,” he said. “You need oil for that, and we will actually be in a structural shortfall at that point in time without the investments that are being taken off the table.”