BP CEO: Oil collapse could repeat 1980s with years of low prices

Fuel Fix: The CEO of BP says crude prices will likely settle in at low levels because the surging U.S. oil production that sent markets into a tailspin isn`t going to ease up overnight, leaving the company with no choice but to work quickly to adjust to $48 oil. And oil prices might stay that low for a while, he said. “We see (U.S. production) continuing to increase at least through the summer, even though rigs are falling very fast,” BP CEO Bob Dudley said during a conference call with investors and......

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