Did Sam Zell think oil prices could fall? Yes.
Did he think it could fall this much? No.
So what happened? Zell thinks that the size of the fall is a trader-driven decline and likely to be shorter in duration than most people think.
Zell notes that the fundamentals of the oil market show a situation of mild oversupply of about a million barrels per day. He sees an average price this year between $60 and $80.
