Moneynews insider Sean Hyman agrees with Republicans in Congress on the importance of the Keystone XL oil pipeline.
"It's needed," he told Fox Business Network. "What we have right now [in terms of low oil prices] is a gift. These low prices are not going to last."
The House passed a bill to approve Keystone last week. Also last week, U.S. crude prices fell to a four-year low, and December West Texas Intermediate crude futures settled at $75.64 a barrel Monday.
"We'll see $100, $150 if we don't do something [about supply] for the future," Hyman predicted.
"Right now is taken care of. This pipeline is looking into the future and taking care of oil needs two-plus years out. . . I'd rather be getting oil from Canada than who knows where in the Middle East. We need it for that rope."
So what happens to oil prices from here? "I think we will probably see oil decline to probably the $65 to $75 area before it bottoms and heads higher," Hyman noted.
Meanwhile, speculation abounds that OPEC may announce production cuts at is Nov. 27 meeting. But "OPEC cannot and will not take the pain necessary to correct the imbalance" between supply and demand, Gary Ross, CEO of Pira Energy Group, told the
Financial Times.
Saudi Arabia has shown in recent weeks that it is more eager to slash prices than production, as it seeks to retain market share. It has recently reduced prices to customers around the world.
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