You are right about the oil prices, but what about the "no brand" competition? I think that part of the problem is due to the emerging cheap soft drinks that are becoming more popular. I have my reservations about the new management. I think that the new men are a temporary team brought on board until more permanent execs are found.
Most of the emerging new soft drinks belong to the big boys. Real sport, snapple, all sport etc., all part of the big three now. Coke is just now pouring 1.2 billion into brazil and I feel sure PB will benifit from this. See coke news. PB has nowhere to go but up especially when beverage sales in South America are growing much faster than in the US.