Don’t count out oil just yet. Loews Corp CEO Jim Tisch says the recent rally in oil prices is a precursor of things to come. “I strongly believe that two years from now oil prices will be up 50% from what it is currently,” Tisch tells Fox Business. “All the supply is going to be used up.”
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Jim says that production naturally declines as wells dry up, especially shale wells—which are what provided so much of the recent supply boom. An oil turnaround is good news for PERE giants like Blackstone and Carlyle, whose profits have been slashed recently, in part due to their heavy oil investment.
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