The “new normal” for U.S. oil prices could be as much as double the current $40 per barrel, but don’t expect $65 to $80 crude until around 2018, long-time industry advisor Tom Petrie said Wednesday. “We overshot on the downside, when we penetrated $30 [per barrel],” Petrie said, referring to the Feb. 11 bottom of $26.05 per barrel. Since then, WTI has surged about 45 percent. “Some of that recovery, shock though it was, was getting back into a more normal adjusted price.” In the shorter run, the American benchmark West Texas Intermediate crude could top out in the mid-$40s or low-$50s by the end of 2016, the chairman of Petrie Partners told CNBC’s “ Squawk Box .” “We’re going to … [see] enough of a decline in North America and China and other non-OPEC sources, where by this time next year, most of the surplus if not all […]