The Ultimate Betting Forum - View Single Post - Light Sweet Crude

patrickstar · 20th May 2008, 13:19

T. Boone Pickens on CNBC right now saying we'll see $150 a barrel this year.

Says there is no speculation and it's purely supply and demand - the world can only produce 85M barrels a day and it uses 87M.

Also condeming the US's energy policies - currently sending $600Bn a year around the world to buy oil. Bush&co are wasting their time trying to get the Saudis etc to increase production to try to get the price down. It's not that they won't, it's that they can't. And whatever slack the US can create by reducing its own demand is instantly snapped up by China.

20th May 2008, 13:19	#37 (permalink)
patrickstar Sir Realist Join Date: Jul 2004 Age: 27 Posts: 7,909	Re: Light Sweet Crude - $90.40 T. Boone Pickens on CNBC right now saying we'll see $150 a barrel this year. Says there is no speculation and it's purely supply and demand - the world can only produce 85M barrels a day and it uses 87M. Also condeming the US's energy policies - currently sending $600Bn a year around the world to buy oil. Bush&co are wasting their time trying to get the Saudis etc to increase production to try to get the price down. It's not that they won't, it's that they can't. And whatever slack the US can create by reducing its own demand is instantly snapped up by China. Last edited by patrickstar : 21st May 2008 at 16:54.