Tuesday, June 21, 2005

Pickens: $60+/Barrel Oil In 2006

Oilman T. Boone Pickens foresees $60 a barrel for oil, and even up to $70/barrel, "but at some point it's going to cost on the demand side." "Sixty may slow everything down," he said, and predicted that about 2Mbpd demand would have to be shed worldwide.

Oil prices today eased a bit today but are expected to rise further on supply disruption worries.