John Hofmeister was CEO of Shell and is one of the most respected observers of the oil market.
He thinks the current selloff is an anomaly. He cites the fact that there is only a 1% surplus in oil supply and it is not going to take much too wipe that out.
Every day oil wells decline and at lower prices oil demand grows. Hofmeister sees oil bottoming now and starting to rebound in the late spring.
