More likely the market is pricing in some refinery closings leaving more crude on the market. But that's a short term issue. If the world economy or the US economy strengthens, then crude should do better. Longer term, I doubt its an issue at all. Depends on your time horizon.
I was trying to estimate a fair value for the company not based on current energy prices although I guess that is how one would value it. But hard assets have to have a minimum replacement value and infinite isnt a good starting point. To make up an admittedly silly case in point, if there were lawsuits on commercial rents in NYC and there was a rent strike and no rents were being paid for a period of time, the value of the Empire State Building would not be zero. It would not be the value of the current $0 rents and it would certainly take into consideration the long term value of the asset. It would be stupid not to.