If this oil price forecast is right, the BP share price could double over the next 5 years!
In April 2010, just before the Deepwater Horizon explosion in the Gulf of Mexico, the BP (LSE:BP.) share price was close to 650p, around 50% more than it is today (2 October). Eleven workers tragically lost their lives on the rig and it’s been estimated that the disaster has cost the energy giant around $65bn in fines, compensation and clean-up costs.
Since then, the group’s stock market valuation has ebbed and flowed in line with the price of oil. Most notably, the pandemic saw energy prices plummet as global demand fell sharply. And after Russia invaded Ukraine in February 2022, Brent crude spiked and then steadily climbed higher.
Over the past 15 years, there have been numerous peaks and troughs as oil traders…
