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Guess this was one prediction that was a little low!

1031 Oil and Gas: Get ready for $100.00

Oil to hit $100 in next six months - Pickens
Tue Dec 11, 2007 2:12pm EST
NEW YORK, Dec 11 (Reuters) - Oil prices will hit $100 a barrel before dipping to $80, and should pierce the triple-digit threshold within the next six months, investor T. Boone Pickens said on Tuesday.

"Get ready for $100, it is coming up. A hundred dollars will come before $80," said the Texas oilman who heads the BP Capital hedge fund during an interview with CNBC television channel, adding that he expects the market to become adjusted to $100 oil.

"You'll see it ($100 oil) within the next six months. A hundred dollars is going to become routine."

U.S. oil rocketed to $99.29 a barrel in late November on concerns about supplies ahead of the Northern winter and the slumping dollar.

Worries a slowdown in the U.S. economy could depress demand growth in the world's top consumer have since sent prices down. Oil was around $90 a barrel on Tuesday.

Pickens said that supply constraints would continue to drive prices higher, as well as moves by oil producers to ensure more revenue.

In April, when prices were around $65 a barrel, Pickens said oil could tip $80 a barrel in late 2007. (Reporting by Matthew Robinson; editing by Matthew Lewis)


Reuters 2007. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

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