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Gulf Oil CEO Expects $125 Oil by Memorial Day

Fast trader Brian Kelly often says, investors need to ask themselves one question, “Do you think oil prices will stay high for a sustained period of time?

And according to Gulf Oil CEO Joe Petrowski the most likely answer is yes.

In an exclusive interview, when asked about the unrest in the Mideast, Petrowski tells the desk, “I’m very, very concerned. We’re getting 35 million barrels from a concentrated region that’s in the middle of a big upheaval.”

He goes on to say, “unless we get higher interest rates or see a slowdown in China I think oil will be at $125 by Memorial Day.”

If Petrowski’s forecast is right then prices at the pump will spike at the worst possible time; as we enter the summer driving season.

Petrowski also says expect consumers to retrench.

He tells us the tipping point is about .50 cents away. When asked at what price do consumers really start to change their purchase patterns he says, ”we’ve comes up with a figure between $3.75 - $4.”

If you believe the recovery is tethered to the price of oil, this is an interview that you won't want to miss. Watch the video now!






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Trader disclosure: On Feb 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell owns (FCX); Karabell owns (GOOG); Karabell owns (AAPL); Karabell owns (GS); Karabell owns (GE); Karabell owns (FXI); Grasso owns (ASTM); Grasso owns (BA); Grasso owns (BAC); Grasso owns (BWC); Grasso owns (C); Grasso owns (CSCO); Grasso owns (JPM); Grasso owns (LIT); Grasso owns (LPX); Grasso owns (MT); Grasso owns (MHY); Grasso owns (NDAQ); Grasso owns (PFE); Grasso owns (PRST); Grasso owns (S); Pete Najarian owns (F) bonds; Pete Najarian owns (MS); Pete Najarian owns (JPM); Pete Najarian owns (C); Pete Najarian owns (BAC) calls; Pete Najarian owns (GE); Pete Najarian owns (MU) calls

BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (EBAY)
Accounts Managed By Kanundrum Capital Own (GCX)
Accounts Managed By Kanundrum Capital Own (IAU)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (DBA)
Accounts Managed By Kanundrum Capital Own (JJG)
Accounts Managed By Kanundrum Capital Own (TLT)
Accounts Managed By Kanundrum Capital Are Long Corn
Accounts Managed By Kanundrum Capital Are Long Soybeans
Accounts Managed By Kanundrum Capital Are Long Copper
Accounts Managed By Kanundrum Capital Are Long Oil
Accounts Managed By Kanundrum Capital Are Long US T-Bonds
Accounts Managed By Kanundrum Capital Are Long The Euro
Accounts Managed By Kanundrum Capital Are Long The British Pound

For Zach Karabell
River Twice Capital owns (QCOM)
River Twice Capital owns (ONG)
River Twice Capital is short (AA)
River Twice Capital is short (S)
River Twice Capital is short (SPY)
River Twice Capital is short (SMH)
River Twice Capital is short (QQQQ)
River Twice Capital is short (XLF)
River Twice Capital is short (XLI)
River Twice Capital is short (MA) puts
Karabell and River Twice Capital own (BRCM)
Karabell and River Twice Capital own (CSCO)
Karabell and River Twice Capital own (IBM)

For Steve Grasso
Stuart Frankel & Co and it’s partners own (AMGN)
Stuart Frankel & Co and it’s partners own (CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MSFT)
Stuart Frankel & Co and it’s partners own (NEM)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners own (AAPL)

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