Energy Industry Icon Calls for Lower Energy Prices; Natural Gas Target $2.50-$2.75/mmbtu and Oil $40-$60/bbl next 12-18 Months
Posted on: Thursday, 24 September 2009, 14:07 CDT
MIAMI, Sept. 24 /PRNewswire/ -- Through his advisors, Energy Industry Icon Karl W. Miller calls for lower energy prices; natural gas target $2.50-$2.75/mmbtu and Oil $40-$60/bbl over the next 12-18 months.
Mr. Miller cites the grossly understated number of jobless in the U.S., the grossly understated number of distressed and troubled mortgages/borrowers and lack of leverage available to the retail and industrial sectors as simply putting the absolute brakes on any credible demand increase.
The math is simple: no jobs, no credit, distressed home owners, equals no energy demand in either industrial, light commercial or retail sectors.
The only people spending money right now in any meaningful way is the U.S. Government by printing paper non-stop during the past 12 months.
Mr. Miller predicts we are going to hit the wall very shortly, with no air bags to cushion the impact in the energy markets.
Speculation not fundamentals have taken hold of energy prices. That will change quickly.
About Mr. Miller:
Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980s and has an extensive background in banking, commodities trading and risk management.
Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.
Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.
Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.
Mr. Miller is currently on medical leave until late 2009.
SOURCE VBCC
Source: PR Newswire
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