Mr T Boone Pickens a billionaire in Texas said that oil prices will rise above USD 100 a barrel by the end of 2010 as the global economy recovers. He added that oil prices in the USD 40 a barrel range are not going to be around much longer.
It may be noted that oil prices have tumbled from over USD 147 a barrel in July 2008 to about USD 48 a barrel recently as demand in the United States and other developed countries slows due to the global economic crisis.
By late 2010, Mr Pickens sees a rebound in oil demand sparked by a global recovery, pushing prices higher. If the US continues to rely on imported oil for 70% or more of its supply, prices could reach USD 200 to USD 300 per barrel in another decade.
Mr Pickens said he hopes President elect Mr Barack Obama will announce details of his energy plan within the first 100 days of the new administration. While the cost to transform the nation's transportation and electric infrastructure is enormous, Mr Pickens said reducing the annual tab for imported oil can pay for anything you are doing.
(Sourced from Reuters)
