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Oilman Pickens predicts $300 oil
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Friday, August 28, 2009
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From Newsmax:

Oil legend T. Boone Pickens, now CEO of BP Capital, says oil prices will continue to rise, possibly reaching $300 per barrel.

"Look at the history," Pickens told Dan Mangru of Moneynews. It proves oil prices will go up, as OPEC revenues increased five times over the last five years, he says.

Supply is stuck permanently at 85 million barrels per day, and demand will keep rising over the long term, Pickens says. By 2019, demand will reach 90 million barrels a day, he predicts.

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Topics: Energy | Commodities
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