Pickens: Oil Will Reach $300 a Barrel

[Sadoun]

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.

Pickens: Oil Will Reach $300 a Barrel

[pmb1010]

10 years from now, “the price of oil could well be $300,”

maybe.

If I had to guess (and Pickens prediction is really a guess...) we'll be at 1.5x to double todays prices.

This recession is going to be with us for a while. It's going to be tough to squeeze folks for something (money) they ain't got.

[William Eng]

Not going to happen. In the 70s when OPEC raised the price of oil, the US government pour money into research of biosynthetic fuel. The end result was it could be economically feasible around $5/gallon fuel. I read some of the research reports myself, and I suspect that someone in the US leaked this research to OPEC. OPEC knew that if they didn't drop the price of oil back down, the US was going to make a permenent switch and they would be stuck with no market for oil. For a while, there was renewed interest in biosynethic fuels, but that died down as the price of oil fell.

[Sadoun]

I think his prediction is far fetched. But, we have to keep an eye on the ball and start looking at alternative energy sources. Solar, Wind, Biofuel (using Algea for example), etc.

We have to consider the impact to the environment and cut our use of fossil fuels. We all can start conservation of energy at our homes and workplaces.

Some things you can do at your home to conserve energy:

• Check your house insulation specially the attic. Increase insulation where possible.
• Plug any air leaks
• Seal ducting connections
• Use CFL or LED light bulbs instead of incandescent bulbs
• Use auto switches and motion sensors to automatically turn lights on and OFF
• Use Energy Star rated appliances.
• Air Dry dishes instead of using a dish washer
• Install an automatic Thermostat and keep temperatures at 75-78 in the summer and 62-68 in the winter.

You could probably add to the list above.

[William Eng]

I think his prediction is far fetched. But, we have to keep an eye on the ball and start looking at alternative energy sources. Solar, Wind, Biofuel (using Algea for example), etc.

We have to consider the impact to the environment and cut our use of fossil fuels. We all can start conservation of energy at our homes and workplaces.

Some things you can do at your home to conserve energy:

• Check your house insulation specially the attic. Increase insulation where possible.
• Plug any air leaks
• Seal ducting connections
• Use CFL or LED light bulbs instead of incandescent bulbs
• Use auto switches and motion sensors to automatically turn lights on and OFF
• Use Energy Star rated appliances.
• Air Dry dishes instead of using a dish washer
• Install an automatic Thermostat and keep temperatures at 75-78 in the summer and 62-68 in the winter.

You could probably add to the list above.

You should check out the passive solar homes in Germany. Outside can be freezing in the winter, inside is nice and warm. They have no central heating, in fact, there is NO heating unit at all.

[Sadoun]

Yes, I was in Germany recently and was impressed by how progressive that country is in Solar energy implementation. 1 out of 5 homes or businesses has SOLAR Electric PV or Thermal heaters.

[William Eng]

Yes, I was in Germany recently and was impressed by how progressive that country is in Solar energy implementation. 1 out of 5 homes or businesses has SOLAR Electric PV or Thermal heaters.

I've downloaded a couple of free house plans off the internet for a passive solar home. They are typically small for the usual american, but it would make a great cabin somewhere. If the price of fuel is high like it is in Europe, people would be driving smaller cars and living in smaller spaces.