dallas news article
T. Boone Pickens' prediction: Oil production is reaching its peak
Excerpts:
"I think you're going to see $150 before the end of the year," Mr. Pickens told CNBC viewers Tuesday.
...
Mr. Pickens is one of several Texans who are pushing the Peak Oil theory of oil scarcity into the mainstream. He believes humans will soon use up half the oil they can extract, and oil production rates will drop, never to recover.
The controversial theory gives oil investors reason to bid prices to record levels and has prompted some local officials to create contingency plans.
...
"Energy is the ultimate currency," said state Rep. Bill Hilty, who introduced the legislation and is a member of the Association for the Study of Peak Oil and Gas.
"So when you get to the point that you have a decline in the availability of cheap and available energy sources, you can't buy your way out of it," he said.
Excerpts:
"I think you're going to see $150 before the end of the year," Mr. Pickens told CNBC viewers Tuesday.
...
Mr. Pickens is one of several Texans who are pushing the Peak Oil theory of oil scarcity into the mainstream. He believes humans will soon use up half the oil they can extract, and oil production rates will drop, never to recover.
The controversial theory gives oil investors reason to bid prices to record levels and has prompted some local officials to create contingency plans.
...
"Energy is the ultimate currency," said state Rep. Bill Hilty, who introduced the legislation and is a member of the Association for the Study of Peak Oil and Gas.
"So when you get to the point that you have a decline in the availability of cheap and available energy sources, you can't buy your way out of it," he said.