That old oil man, T. Boone Pickens, is predicting rising oil prices again and with some good reasons. “Look at the history,” Pickens said. "OPEC revenues increased five times over the last five years. Supply is stuck permanently at 85 million barrels a day, and demand will soon reach 90 million barrels a day. Ten years from now the price of oil could be $300.00 a barrel."
Of course Pickens has vested interests in natural gas, wind and solar power, so he's naturally pushing alternative energy. But he is right on target when he says that we import 70 % of our oil and we won't drill on our own land or build new refineries. If the Cap & Trade bill (another name for a new energy tax) is added to the equation, much higher fuel costs are ahead.
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