Do More With Reuters
Partner Services

UPDATE 1-Oil prices to top $100/bbl by end of 2010-Pickens

Wed Jan 7, 2009 7:07am IST
 
Email | Print | | Single Page
[-] Text [+]

(Recasts, adds quotes, background)

HOUSTON, Jan 6 (Reuters) - Texas billionaire T. Boone Pickens said on Tuesday that oil prices will rise above $100 a barrel by the end of 2010 as the global economy recovers.

Oil prices in the $40 a barrel range are "not going to be around much longer," Pickens told a gathering at the James A. Baker III Institute for Public Policy at Rice University in Houston.

Oil prices have tumbled from over $147 a barrel in July to about $48 a barrel on Tuesday as demand in the United States and other developed countries slows due to the global economic crisis.

By late 2010, Pickens sees a rebound in oil demand sparked by a global recovery, pushing prices higher.

If the U.S. continues to rely on imported oil for 70 percent or more of its supply, prices could reach $200-$300 per barrel in another decade, Pickens said.

As an investor, Pickens said he remains "on the sidelines," with just 10 percent of his BP Capital hedge fund invested in energy. The fund lost $2 billion last year before shifting to cash as energy prices and stocks declined.

The recent drop in oil and natural gas prices has not derailed Pickens' effort to push the next administration to implement an energy plan to reduce U.S. dependence on foreign oil.

Pickens said he hopes President-elect Barack Obama will announce details of his energy plan within the first 100 days of the new administration.  Continued...

Russian Finance Minister Alexey Kudrin poses with his G20 colleagues and central bank leaders during the family photo at the G20 Finance Ministers meeting at a hotel in St. Andrews, Scotland. REUTERS/POOL New
Pledge to support economies

G20 financial leaders pledged to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured.  Full Article | Related Story 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Sanjay Sinha
Balancing Act

In India, it is a tough choice between growth, managing inflation and financial stability.  Full Article 

 
Nipun Mehta
Road to Recovery

There needs to be an acceptable balance created between education and healthcare and infrastructure spend, says Nipun Mehta of SG Private Banking.   Full Article 

 
Robot Asimo

Snapshots of Honda Motor's humanoid robot Asimo  Slideshow 

 
Marketing Strategy
Marketing Strategy

Companies are now using direct marketing methods to sell their products.  Full Article 

 
Exit Plans
Exit Plans

Factbox - Stimulus exit plans for Asia-Pacific's big 5 economies  Full Article