The shale gas revolution could push oil prices down over the next 10 years says the former forecasting head of the Organisation of Economic Cooperation and Development.
In a report written with Puma Energy, which The Times newspaper reported to have seen, Dr John Llewellyn described the invention of “fracking” to extract the gas as “game changing technology”.
Consequently, it would come as no surprise to Llewellyn if the price of oil were to fall to around $50 a barrel between now and 2020.
According to Llewellyn the trend could be the direct opposite of what happened in the 1970s when the price of oil doubled on a dramatic increase in US imports.
Shale gas set to halve oil prices in a decade