The legendary oilman, T. Boone Pickens, is famous for his knowledge of the oil market. He is often correct in his predictions. Mr. Pickens is also known for his belief in peak oil and the fact that the world oil production soon will reach its maximum level.
“I think you’re going to see $150 before the end of the year,” Mr. Pickens told CNBC viewers on Tuesday.
In the US the rising oil prices have created many discussions. State and local politicians in Minnesota, Connecticut, and Oregon have begun to fret about the consequences of declining production and have commissioned reports on the issue. The Minnesota Legislature passed a resolution Monday calling on the governor to create a plan to meet the challenges of Peak Oil. If Mr. Pickens is correct in his prediction, the strain from rising oil prices on the American society will increase even more.