The dramatic drop in oil prices and the transfer of wealth to consumers is going to be very painful for the oil and gas industry, Bob Dudley, CEO of BP, told CNBC Saturday.
Speaking at Egypt's Economic Development Conference in the resort town of Sharm el-Sheikh, Dudley said that oil prices - which have fallen around 60 percent since last June - had been a "huge shock" for companies like his.
The industry had been living in a "world of luxury" over the last few years, he said, when prices were above $100 a barrel.
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2 comments:
Awwww, poor babies. What? Already spent your 9 figure "bonus" from last year? You may even have to slum it 4 star restaurants now, instead of the 5 star you're accustomed to.
Oil Barons - Let me cry you a river!
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