BP’s CEO Finally Sees Oil Prices Bottoming Out

Oilprice.com ^ | 05-01-2015 | dudley

[bananaman22]

Since last summer, Bob Dudley, the CEO of the British oil giant BP, has been cautioning that he expects oil prices to stay “lower for longer.” Now he believes he’s determined how much longer those prices may decline, and when they may start rising again.

“A low point could be in the first quarter [of 2016],” Dudley said in an interview broadcast Saturday by the BBC. “But 2016’s third and fourth quarters could witness a more natural balance between supply and demand, after which stock levels could start to wear off.”

[Fido969]

Keep going down!

[Cowboy Bob]

This is my thinking too.

[central_va]

Keep going down!

[T-Bird45]

Sounds like time to buy puts in the futures market.

[upchuck]

Lots of people here in Aiken County, SC have smiles on their faces as they pay $1.60 or so per gallon.

But the jackals in the legislature are bound and determined to raise the gas tax. Doing a lot of phone banking with AFP to try and convince them otherwise. As you might expect, there is more to this involving fraud, payoffs, unions, etc. Interesting soap opera.