By Matt Egan – Re-Blogged From http://money.cnn.com
For decades, OPEC’s sway on oil prices was unparalleled.
But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale.
“Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas.
The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said. “The shale revolution has changed a lot of things.”