Supply is stuck permanently at 85 million barrels per day, and demand will keep rising over the long term, Pickens says. By 2019, demand will reach 90 million barrels a day, he predicts.
“The only way if you peak on supply that you can kill demand is with price,” Pickens says. That’s what happened when oil prices hit a high of $147 in 2007.
So, 10 years from now, “the price of oil could well be $300,” he told Mangru.
-- Newsmax [1]
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