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$300 Per BBL Oil By 2020?

We’ve been talking about seeing oil prices head upward into the triple digits for a while and had plenty to back that up in our article Straight From The Billionaires Mouth: Pickens Talks The Future And Return of Triple Digit Oil. where T Boone Pickens said we could see prices hit over $100 and now, dare I say we could reach the $200-300 per bbl mark? Energy analyst Charles Maxwell of Weeden & Co seems to think so:
The supply and demand of oil in the world today are pretty close to each other, and there shouldn’t be too much deviation in 2010 and 2011. We think prices will stay within a band roughly between $67-$87 a barrel. When it gets up toward $87, it seems to retreat, and when it gets down toward $67, it seems to take off again. That’s because supply and demand are in rough balance.  

 At that stage, prices will break through this $87 boundary-in about 2013, I’m thinking. And by 2015 we’ll be up to around $130-$150 a barrel. And then by 2020, when we have 1.5 percent increases in demand each year and 0.5 percent declines on the downside, then we’ll really be in a fix. At that time, I’m looking at $300 a barrel in money of the day.

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