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Gold/Mining/Energy : Big Dog's Boom Boom Room

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From: Kayaker	6/12/2006 9:56:13 AM
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BP's Browne predicts oil price fall Terry Macalister Monday June 12, 2006 Lord Browne, BP's chief executive, held out the prospect of a big drop in crude oil prices to $40 a barrel as he dismissed alarmist views that petroleum was running out very fast. His optimism came despite a 1% rise in the price of Brent crude for July delivery to $70.49 a barrel in morning trading in London as traders continued to fret about tensions in the Middle East. It was barely a month ago that some industry experts were talking about the possibility of price spikes of $100 a barrel and BP had condemned financial speculators for artificially pushing up prices. But yesterday Lord Browne was eager to outline his belief that the value of oil on world markets should begin to return to more normal levels. "It is very likely that, in the medium term, prices will stand at about $40 on average. In the very long run, even $25 to $30 are possible," he said in an interview with the German weekly news magazine Der Spiegel.... business.guardian.co.uk

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