Oil watchers are eyeing a potential freeze by producers as the next catalyst for the commodity, but one oil bear says crude's biggest obstacle is already here.
"I think Uber is a threat to oil for the simple reason that millennials have embraced it dramatically," Dennis Gartman, editor of The Gartman Letter, told CNBC's "Fast Money" traders on Monday. "The millennials are saying 'I really don't need an automobile.'"
Since the founding of Uber in 2009, the ride-hailing company has launched in more than 400 cities and taken passengers on more than 1 billion rides, according to the company's website. And it's the simplicity and convenience of the service itself that Gartman said has converted many would-be personal vehicle owners into Uber-dependent passengers. Oil has fallen more than 40 percent since Uber's inception.
This theory, he said, can be illustrated by taking a look at the history of U.S. total vehicle miles traveled, as reported by the Federal Reserve Bank of St. Louis.