Oil might hit $100 a Barrel, Bring out your Solar Panels

T. Boone Pickens said the price of oil will hit $100 per barrel—perhaps in the fourth quarter.

The Texas oilman, speaking at a conference in Houston, said the cost of oil, now around $90 a barrel, will rise to $100 before falling to $80.

Pickens, 79, said the cost of oil is going to drive the push for alternative energy. He went on to theorize that “peak oil,” the point at which oil production worldwide has reached its zenith, has arrived. After its peak, production will begin an unstoppable decline.

Billionaire Pickens is head of hedge-fund company BP Capital. He rose to prominence as a takeover artist who grew his Mesa Petroleum via acquisition.

From Hedgefund.net

Tags: alternative energy, Oil Price, Solar Panel, BP Capital, Mesa Petroleum