Boone on Crude
Monday, October 22nd, 2007On Friday, legendary oilman T. Boone Pickens predicted that oil will hit $100 a barrel, possibly in the fourth quarter, but definitely by sometime next year.
The reasoning behind is prediction is that he believes worldwide demand has outpaced global output of 85 million barrels a day. Consequently, Boone, as a believer in supply and demand (as am I) says oil prices have nowhere to go but up.
“I think you’ll reach $100 (a barrel) before you go back to $80,” Pickens said before speaking at a gathering of the Association for the Study of Peak Oil and Gas at a downtown hotel. “It could happen in the …
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