"We could go back to $15 or $20, this is a downward slope, we don't know a bottom," Kotok said in a Monday morning interview on Bloomberg TV.

WTI crude oil futures are trading near $42 a barrel while Brent futures are just above $48 a barrel.

Kotok said that despite the oil industries apparent belief that things will get better, there is little reason for anything to change.

"Hope is not a strategy, it's a myth," he said. "The fact is, we don't have the drivers."

The good news is that there's good news. When asked about the lack of an increase in consumer spending despite the more favorable oil and gas prices, he said it will come.