Pickens Predicts Oil to Top $100 by End of 2010

Reuters
Wednesday, Jan 7, 2008

Texas billionaire T. Boone Pickens said Tuesday that oil prices will rise above $100 a barrel by the end of 2010 as the global economy recovers.

Oil prices in the $40 a barrel range are “not going to be around much longer,” Pickens told a gathering at the James A. Baker III Institute for Public Policy at Rice University in Houston.

Oil prices have tumbled from over $147 a barrel in July to about $48 a barrel Tuesday as demand in the United States and other developed countries slows due to the global economic
crisis.

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By late 2010, Pickens sees a rebound in oil demand sparked by a global recovery, pushing prices higher.

If the U.S. continues to rely on imported oil for 70 percent or more of its supply, prices could reach $200-$300 per barrel in another decade, Pickens said.

As an investor, Pickens said he remains “on the sidelines,” with just 10 percent of his BP Capital hedge fund invested in energy. The fund lost $2 billion last year before shifting to cash as energy prices and stocks declined.

Full article here

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3 Responses to “Pickens Predicts Oil to Top $100 by End of 2010”

Dilbert McGunnut Says:
January 7th, 2009 at 2:57 pm
Maybe T. Boone and Lindsay Williams should sit down and talk about the price of oil. Maybe oil will rise because the dollar will have very little value in 2010.
charleydan Says:
January 7th, 2009 at 9:58 pm
I agree. Not only will oil cost more, everything will cost much more from an devalued dollar.

Well, they are talking of taxes on it now to, as that should rise prices to at the pump.

One other thing to note here. Notice, “after taking a beating in stocks and energy prices they moved their money to cash.”

Smart move, except they should have done it a year ago. As no investment is safe now.
G. Lauren Says:
January 7th, 2009 at 10:46 pm
Not a problem Boone, we have no reason to think there will be recovery, but this doesn’t mean that we can’t bomb oil wells all over the planet to make your prediction come true.