Tuesday, February 17, 2009
In the late 1990s, oil companies traded on valuations that assumed a long-term oil price around $15 a barrel. The oil price should rise at the rate of global inflation, all other things being equal. Assume it was $15 in 1995. Then today it should be $21. Crude oil traded near $37 a barrel in New York on Tuesday, February 17, 2009.
Tuesday, February 10, 2009
The challenge for all of us is to not allow this cyclical fall to pitch us into a structural loss in capacity," BP Plc Chief Executive Tony Hayward said. BP operates five U.S. refineries that in aggregate can process 1.54 million barrels of crude a day,