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image: Nissan Leaf

Oil will crash to $10 a barrel with electric vehicle revolution, strategist says

October 13, 2017

Oil prices are poised to crash to just $10 per barrel over the next six to eight years as alternative energy fuels continue to attract more and more investors, Chris Watling, chief executive of Longview Economics, told CNBC on Friday.

When looking ahead to 2018, Watling acknowledged that a key catalyst for the oil market would most likely be Saudi Aramco’s initial public offering (IPO) in the second half of next year. And when he was asked about Saudi Arabia’s state oil group being launched on the international stock market, he replied, “Well I think they need to get it away quick before oil goes to $10 (per barrel).”

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