Wien Sees Oil Prices Falling, S&P Rising in 2012

Blackstone’s Byron Wien has released his annual list of “surprises” for the coming year, and among the predictions are a decline in oil prices to the $85 range, the housing market hitting bottom, and the S&P 500 hitting 1,400. He tells Yahoo! Finance’s Daily Ticker that the oil prediction is based on a few factors, including the U.S. producing more oil than it did last year and natural gas production increasing due to the rise in “fracking”. “The prospect of the U.S. becoming less dependent on Middle East oil is a game changer,” says Wien. “It’s a big deal.”