Legendary oil investor T. Boone Pickens issued a dire warning to those who think cheap crude oil is here to stay. According to Dave Hendricks of the Kansas City infoZine website earlier today, the “Oracle of Oil” spoke Tuesday at an event sponsored by Republican speechwriters. Hendricks wrote:

“This is our last chance to get this problem straightened out,” Pickens said. In 10 years, he warned, the U.S. will import 75 percent of its oil – 9 percent more than it did in 2007, according to the government’s oil wonks at the Energy Information Administration. And that oil will cost at least $250 a barrel, he said, more than five times what a barrel of crude oil cost in late November…

Despite falling oil prices and uncertainty about the future of wind power, Pickens emphasized that oil is the past, not the future.

“Don’t look for cheap oil,” Pickens said. “That’s over with, it’s done.”

Source:

“Pickens to Obama: Oil Era Is Over”
Dave Hendricks
Kansas City infoZine, December 4, 2008

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