It is our guess that once oil produced in the U.S. goes below 9 million barrels a day, oil will be at least $100 a barrel.
I wish he connected the dots to explain how and when he sees US production dropping to 9 million bbls/d (from 11+ currently). He never explained how we get to 9 from 11 - or over what timeframe he expects this to occur.
As far as his $100/bbl comment when oil production drops to 9 mm, I say that if our production dropped to 9mm bbls/d, oil would be printing north of $180 bbl. World wide production could not make up for a drop of 2-2.5 mmbbls/d out of the US.