QUESTION: First question: Disappointed I have not heard an opinion concerning OPEC’s continuation of reducing oil out put. Can the US shale drillers fill the void and or can the Canadian and Mexican producers ramp up any shortfall into the US
Second Question: What is your opinion on the Chinese Yuan being pegged to the US dollar. In the past you have always stated that “pegs can’t survive” i.e Swiss Franc to the Euro.
ANSWER: Supply really has little to do with the price. The real issue is demand. Electric cars are coming rapidly. I have a BMW hybrid I8 sports car and it is fantastic. It is the fastest sports car I have ever owned off the line. It has two engines a gas and electric and this technology is being expanded to all models. My neighbor has a Tesla and that is fine for local use. Tesla vehicles are currently the only battery electric cars you can buy in the that have an official range of more than 200 miles per charge. When I went to Amsterdam, the taxis are Teslas. Europe is moving toward electric cars faster than the States.