Damn.. I lied - outrageous allegation for GFY!
The substance of the $100 level is from a early morning market press report - I never generated the magical figure, market analysists did. Tho the price has dropped since then, they are still saying:
Note the claim prior to that was that they expected oil to hit $100 next week - that has since been revised
And. I'd agree with this, but for a more simple reason. The dollar will continue to decline for the forseeable future and with each decline in currency, oil will rise in price. It's that simple.
On a longer term, sure, can see oil at a level which was more a norm, but claims by Beutel, that "Four to 8 years from now, we could come down and break $20 a barrel" are just too absurd. That is like defying gravity. If he feels that confident, every govt on the planet should be on his doorstep buying oil futures at his prices - only hope he would have the financial assets to support his mouth
PS Also consider this - (tho not talking about Peter Beutel in particular), the financial reports on both shares and cristal ball gazing by analysts on Wall Street have been proven time and time again to represent an overly colorful outlook without foundation. These are the same people who introduced their bosses to the greed element of sub-prime mortgages. They are also the same people now selling "prime investment" when they know very clearly a number of packages are anything but "prime investment" and contain repackaged sub-prime loan problems. Yet again, it is another attempt to sell off Wall Street screwups to unsuspecting investors. Don't trust any of them - cred is lacking - and prefer to listen to analyists outside that 'sphere of influence'.