Oil will hit $100 but probably not in 2007: Pickens - Reuters

[Eugene]

Source: Reuters

Oil will hit $100 but probably not in 2007: Pickens
Wed Sep 19, 2007 3:52pm EDT

By Matthew Robinson

NEW YORK (Reuters) - Oil will continue to trend
higher after hitting fresh highs over $82 a barrel but
is unlikely to puncture the $100 level this year,
Texas oilman and investor T. Boone Pickens said on
Wednesday.

"You'll hit $100 -- I don't think you'll hit $100 this
year unless you have some kind of geopolitical event
that causes that to happen, but you're going to get
to $100 at some point," Pickens told Reuters in New
York.

Concerns that supplies will struggle to keep up with
demand as the Northern Hemisphere gears up for
winter pushed U.S. crude oil futures to a record
$82.51 a barrel on Wednesday before they settled
at $81.93, prompting forecasts prices could rise
to $100.

"The trend is up, and if your supplies are 85 million
barrels per day (bpd) globally, and you look at what
demand is predicted to be for the fourth quarter, it
is 88 million bpd," Pickens said.

-snip-

Read more: http://www.reuters.com/article/ousiv/idUSN1926304620070919

[cliss]

1. Oil will hit $100.00 per barrel.

COUNT on it. What the Fed did yesterday (by lowering the interest rate) Guarantees the price of oil will go up.

It will also create a flight from the Dollar. Guaranteed.

Give it another 2 weeks, and we'll be there.

[spirit of wine]

2. This article towards the bottom says oil might reach

$125- http://www.counterpunch.org/whitney09182007.html

Seems to be going in that direction. We are running out of options

[stillcool]

3. Plenty of 'geo-political events'

in the offering.

[Double T]

4. The declining US Dollar will lead to $100.00+/barrel oil sooner than later............

The FED's move yesterday will hasten the further decline of the value of the US Dollar.

[MetalCanuck]

5. I've heard the US dollar could get as low as 75 cents Canadian.

This is scary stuff for us and America.

[Double T]

6. Oil is not the only problem. Wait till the price of food skyrockets.

The US is heading for very difficult times.

[MetalCanuck]

7. Well soon you will be living like us...so its not over yet.

We manke on average 20 percent less than you and have 20
percent more expenses. So its not fun, welcome to our world
soon.

[Double T]

8. Been learning to live smaller for what is coming for the past three years.

It isn't going to be pretty.