"Oil prices are below where they ought to be. On a fundamental basis, they probably should be somewhere between $75 and $100 a barrel. We just don't know because we had so many moving parts."
Oil hadn't dipped below $60 dollars a barrel since early 2007. Just a few months ago, it was selling for $147 a barrel. Shook says much more of a price drop might not be good.
"At some point, the decline has to stop. I would hope it stops soon so, one, we keep the refiners in business, and two, that we don't have this relaxation of conservation that we saw when gasoline did hit $3.50 and $4.00 a gallon."
Shook says once the global markets come into some sort of balance, we'll likely know where oil prices will settle for a while.