after three years at the job he'll be replaced by steve easterbrook. sales have fallen recently. the company is facing increased competition and suffers from what some call menu bloat. this week gas prices ended a streak of falling every day for nearly 100 days. the average price is 2:04. but former president of shell oil john hofmeister says don't get used to it. he sees higher prices soon. thank you for joining us today. >> my pleasure. thank you. >> you were predicting oil could hit 80 dollars a barrel by the fool and gas could be back at $5 a gallon by the end of the year. >> here is what's happening today. the industry is best in the world at cutting costs when they have to reduce spending. and what's happening is we're shutting douchb drilling rigs and not completing the wells that have just been drilled and we're going to eat off the surplus by mid year probably. and so as you go into the summer months and fall season you won't have the replacement oil coming the way you might have if you didn't cut back cost and the global supply gets tighter and tighter. and we all know

i talked to two franchise holders that are thrilled with steve easterbrook. the news yesterday that came out late said that they're going to open up 100 shares. the sense is that they're already looking at where they can actually pull back. they're not going to grow as fast in china and russia, two trouble spots for the company. they're already doing better in europe. this guy was mr. europe for the company. i think it's a great time to be looking at slower gna. this is a company with enormous value. this is what shareholders want. this is a big day. >> there was a note yesterday that was also bullish of the stock saying mcdonald's planned to sell more restaurants and franchises and also take on debt in order to buy back stock. >> this goes to the point there's just so many things they can do here, that's what investors are trading on this hope. whether they convert some real estate, this stock has found a floor here. i think if you want to take -- nicole talked a little bit about technology. take a look at whatdom's pizza has done. you have the ceo of red ro

what do you think of the new ceo, steve easterbrook, even if you don't know him directly.ink it's enough appointing him can change morale help mcdonald's's get its mojo back get more into an exciting and innovating company. >> you're right, i don't know steve, so i can't comment on him personally. but i think we need to bow back first. the problems did not start in the last two years. for example, the menu complexity, those seeds were planted under skinner's term as ceo. in fact i think most of the seeds of destruction happened under jim skinner and were covered up by the positive mow momentum creed krooetated by predecessors. don thompson inherited a weak situation. but after 2 1/2 years, it's on his watch to fix it and he didn't act fast enough. i think bringing in a new leadership, at least signals that the board wants some action now. >> finally, larry, you're with the chief nashthmarketing officer, they have $1 billion ad showing hugs do they need to tap into emotion or did you think it was silly? >> i thought it was silly. i think that they seem to have gone into a s

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