Wednesday, May 21, 2008

T. Boone Pickens, Billionaire Oil Investor Expects Oil To Hit $150

Oil To Climb Further After Hitting New $130 High

Yesterday, T. Boone Pickens, the billionaire oil investor, said he expected oil to hit $150 a barrel this year, after Goldman Sachs last week predicted that prices would reach $141 during the second half of the year. Credit Suisse and Societe Generale also both increased their forecasts.

Demand for fuel is expected to grow as crisis-hit China seeks extra diesel supplies while Opec, the 13 country cartel that produces 40 per cent of the world's oil, confirmed this week that it will not increase supplies before a key meeting in September, despite Saudi Arabia's pledge to President George W. Bush last week to raise production by 300,000 barrels a day.

UK Times Online reports

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