Last time Investorazzi heard, legendary oil investor T. Boone Pickens, Jr., said crude oil prices were going to be around $75 a barrel by the end of 2009 and $85 by the end of 2010. However, Pickens added that should a global economic recovery take place, we cold see $90 to $100 for a barrel of oil next year.

Well, the “Oracle of Oil” is out with new price projections. From Kirsten Korosec, writing for BNET’s “Energy Blog” last Friday:

T. Boone Pickens, the Texas billionaire investor turned-wind turbine and natural gas champion, said Thursday he expects the price of oil will hit $100 in 2010. Within 10 years, he thinks crude will make it to $300 a barrel.

Pickens, who was attending a conference in Washington, said the world had maxed out at 85 million barrels a day of production, reported Bloomberg News.

Source:

“Pickens: $300 Oil is Still On Its Way”
Kirsten Korosec
BNET (Energy Blog), November 13, 2009

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