Investor: If oil drops to $70, ‘bye, bye fracking’
Other analysts and experts have been more circumspect about what will happen to U.S. shale-oil drilling operations is the price of crude continues to drop, from the current level of $80 a barrel. But bond investor Jeffrey Gundlach is more blunt:
“I think it’s going to $70 and if it does, it’s bye, bye fracking. Goodbye all of the great job creation from fracking because fracking becomes too expensive if you can buy oil at $70 a barrel,” Gundlach said on Wednesday at ETF.com’s Inside Fixed Income Conference.
Read the whole story on CNN Money.
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