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News Link • Oil

Oil 'Is Going to Be a Worthless Commodity,' and Saudi Arabia's Crown Prince Knows It

• http://www.truthdig.com, By Juan Cole

As Annie Pei of CNBC notes,  Investment guru Dennis Gartman admitted in an interview with the network that petroleum is "a worthless commodity."
[Truthdig editor's note: The full quotation from Dennis Gartman in the Annie Pei article is: "He [the Saudi crown prince] understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity. It will be supplanted by something else."]

Gartman said that prices could rally a bit in a couple of weeks, but added "I'll tell you one thing: in the long run, crude oil is heading egregiously lower. . ."  Egregiously here means like shockingly.

Of Saudi Crown Prince Muhammad bin Salman, Gartman said, "He understands that crude oil, over the course of the next 20 to 40 years, is going to be a worthless commodity . . . It will be supplanted by something else."

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