Oil Prices Won’t Recover Anytime Soon, Says Exxon CEO

April 22, 2015 5:49 PM

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Oil Prices Won’t Recover Anytime Soon, Says Exxon CEO

There is mounting evidence that oil prices are poised to rebound from a historic bust.

Rig counts hit new lows each week. For the week ending on April 17, Baker Hughes says the U.S. lost an additional 34 oil and gas rigs, bringing the total down to 954. Domestic crude oil production appears to have plateaued and the EIA expects a contraction in May. Nearly every driller is dramaticall...

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