Why Today’s Oil Bust Is Not Like The 1980s

Back in February 2015, Bob Dudley, BP’s CEO, said in a Bloomberg TV interview that the fundamental supply and demand picture reminded him of 1986, and he feared we could go into a period of lower oil prices perhaps staying in a range below $60/bbl for as long as three years. He added “It will be a long time before we see $100/bbl again.” Here in late August, with WTI having dipped below $39/bbl and with Brent prices under $44/bbl, Bob is looking kind of prescient and many more analysts and talking heads have jumped onto the “lower-for-longer” bandwagon.…

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Why Today’s Oil Bust Is Not Like The 1980s

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