The oil market, to put it diplomatically, has not provided a great deal of encouragement lately for policy makers attempting to stimulate U.S. profitable growth.

Further, date was when an $80 or $85 price would be considered unreasonably high, or even outlandish. But given oil’s breakthrough and shut above key, psychological resistance of $100 per barrel that week, $80 looks nearly like an acceptable price.

Moreover, oil mogul and billionaire T. Boone Pickens says we may get there. Providing a ray of light for concerned trade executive, consumers and public officials, Pickens, who accurately predicted oil’s rise to $100 per

barrel, told CNBC Thursday oil should drop $10-15 in the moment quarter of 2008.

“I think oil’s going to back off,” Pickens said during the interview. “The weakest quarter is the moment quarter. We’ll drop $10 or $15 a barrel in the moment quarter. I think we’ll be back above $100 in the moment half of the year.”

Continue reading T. Boone Pickens sees oil falling to $85 in Q2; backs alternative energy

Original post by Joseph Lazzaro

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