Steve Schwartzman, CEO of Blackstone, on oil prices, via Business Insider:
“Let’s just take energy first because it’s in the news a lot. And talk about a crazy business where there’s almost not one person who knows what they’re doing, right? At $120, it was going to $140 a barrel. When you were at $80, it was going to stabilize at $60. And when you’re in $60, you didn’t quite know, but maybe it would be $50 to $70. And then when it went to $24, everybody is a bozo, right? And then it was going to stay there, sort of $25 to $35 or maybe $40 for the next year or two, and now it’s $50.”
And his conversation with Rex Tillerson, CEO of Exxon:
“When the price’s around $60, I asked Rex, “What do you think?” He said, “Well, it’s going to be between $20 to $120, and we’re set up for all of those environments. I think it’ll go a little lower than higher, but what do I know? I’ve just been doing this my whole life.” And I thought, he’s kidding, but he really wasn’t.”
Here is the link: https://finance.yahoo.com/news/schwarzman-oil-market-making-everyone-203432925.html
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