I Have Given Up on Predicting Oil Prices: Shell CEO

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Shell gas station sign

During my interview with Peter Voser, the CEO of Shell , this morning. I asked him for his oil and gas price targets.

He didn't want to answer the question. "I have given up on predicting oil prices."

But, he finally gave me a little insight. "I think it's about volatility, which has increased quite clearly," Voser said. "For our long-term projects we take a range of $50 to $90. We have seen this in the past it can go to 147 and then down to 37. We are looking at 20, 30-year time horizon and we are using 50 to 90 and on the gas side, for exampling with in the U.S. $4.28."

I guess the CEO of Shell is betting the Middle East won't blow up.