Oil prices are in freefall following the news this morning that Goldman Sachs was slashing its forecast for prices, predicting that West Texas Intermediate crude will spend the next year or so at $75 a barrel and Brent will hover around $85. The U.S. is now producing and distributing more oil than at any point in the past thirty years as exporters, including Saudi Arabia, reduce prices. "The biggest members of the Organization of Petroleum Exporting Countries are discounting supplies to defend market share rather than cutting production to boost prices that have collapsed into a bear market," reported Bloomberg. “We believe that OPEC will no longer act as the first-mover swing producer and that U.S. shale oil output will be called upon to fill this role," said the Goldman Sachs report. "Our forecast also reflects the realization of a loss of pricing power by core-OPEC.”