Investment expert Peter Schiff said Tuesday on
Newsmax TV's “America’s Forum” that he doesn’t believe that OPEC is deliberately trying to drive the price of oil down to discourage U.S. production, but there is another explanation for falling oil prices.
“What's really going on is the global economic slowdown, the relative strength of the dollar and the belief that the dollar is going to keep rising,” Schiff said. “That's what's driving oil prices lower. The U.S. economy is actually headed to a recession, which means we're going to get more QE, not a rate hike, the dollar is going to turn around and oil prices are headed back higher.”
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