BP’s Tony Hayward predicts crude oil prices

BP’s chief executive Tony Hayward was on BBC Radio 4′s Today programme this morning as I drove through Worcester Park. Apparently he doesn’t often give interviews, so he was given a long slot in which he talked about the need to take global warming seriously, how he was in favour of offshore wind farms, and the benefits of the UK‘s gas imports.

 

He also stated that the peak for gasoline consumption was 2007 and that global demand would never exceed that level. Oil supply would peak in 2020, but demand would peak before then. He then made a game stab at predicting oil prices, which he said should be at $60-90/barrel, with the $60/barrel dictated by what producers need, and the $90/barrel driven by the demand side.

 

Click here for the interview.

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