Pickens: Oil to Hit $75 by End of Year
T. Boone Pickens predicted on Monday that oil prices would be back above $60 per barrel within two months and at $75 by the end of the year. Pickens is not alone in his anticipation of a future oil spike, as he is joined by both oil traders who have been buying up oil to be sold in the future, as well as history, which dictates that although oil may go down, it always comes back up.
“We got a break here, a little bit of breather, but within 60 days we’ll be back up to $60 oil and by end of year we’ll be on our way … at $75,” Pickens noted.
Of course, Obama has warned that we need to avoid falling into the regular shock and trance cycle with oil prices, and hopefully Congress will send him an energy package that substantively addresses this classic problem.
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Comments
One Comment on Pickens: Oil to Hit $75 by End of Year
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Global Patriot on
Tue, 3rd Feb 2009 8:24 am
While no one wants the price to increase, it is just a matter of time and we need to move forward without delay in our pursuit of alternative energy generation.
Those who want to back off wind and solar due to a temporary drop in oil prices will pay the price dearly in the future.
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