Oilman Pickens Says Oil Price Could Easily Hit $100

Crude oil getting to $150 a barrel isn’t outside the realms of possibility, legendary Texas oilman T. Boone Pickens said Thursday.

In an interview with CNBC, Pickens again espoused his theory that oil prices could easily get to $100 a barrel given the many potential supply disruptions on the horizon.

“I think you’ll see $75 before you see $60 again and $100 dollar crude oil, sure it could happen,” said Pickens, an adherent of the theory that the world is running out of oil. He said $150 oil was “possible, sure.”

..The oil tycoon reaffirmed his ‘Peak Oil’ view that about 85 million barrels a day is about all the world can supply. Adherents of the peak oil theory believe global production is peaking – or has already peaked – and is set for a sharp decline.

“If that is capped out at 85 million and you still have demand rising in China, India and the U.S., you’re going to have to finally kill demand with the price,” Pickens said. “You have to get price up to a level that it absolutely chokes demand.”

Schlumberger