We need a stable oil price-Strahan

BP famously “doesn’t do” oil- price forecasts. After 18 months in which crude has ricocheted from just under $100 per barrel to an all-time high of $147, then down to less than $40, and now up to $73 again, you can see their point.

But at the launch of its annual Statistical Review of World Energy last week, its chief executive, Tony Hayward, came close when he ventured “there is a rational argument to say that somewhere between $60 to $90 a barrel is the right sort of level”. At the same time, BP continued to claim that there is no geological shortage of oil, and sought to blame the recent volatility on Opec’s refusal to open up to Western investment. These arguments are wrong, partial or beside the point.
Independent