DaveinHackensack

Oil Will Peak at $150-200 - Barron's Interview

"the $75/bbl prediction reduces his credibility."

It increases it, in my eyes. Understand: I am bullish on oil over at least the next 5 years. I am long XOM, BPT, EGY, CVX and TIRTZ.OB (that last one is mainly natural gas). But the world isn't running out of oil -- it's just that the remaining oil is harder to get.

Prices this high are spurring a lot of investment in bringing on new supply. They are also spurring investment in more fuel efficient cars, etc. The reason why I am bullish on oil for at least the next 5 years is that it will take at least that long for these investments to meaningfully increase global supply or decrease global demand. Eventually, they will do both. Most assuredly, they will. Count on it.

When that happens, $75 oil may happen again. But that's years off. So I'm long on oil stocks for the next several years.