Pickens: Oil Will Reach $300 a Barrel

Friday, August 28, 2009 8:04 AM
Oil legend T. Boone Pickens, now CEO of BP Capital, says oil prices will continue to rise, possibly reaching $300 per barrel.

"Look at the history," Pickens told Dan Mangru of Moneynews. It proves oil prices will go up, as OPEC revenues increased five times over the last five years, he says. Supply is stuck permanently at 85 million barrels per day, and demand will keep rising over the long term, Pickens says.  By 2019, demand will reach 90 million barrels a day, he predicts.  "The only way if you peak on supply that you can kill demand is with price," Pickens says. That's what happened when oil prices hit a high of $147 in 2007.   So, 10 years from now, "the price of oil could well be $300," he told Mangru. © 2009 Newsmax. All rights reserved.

---