Oil at $129 right now..
 

OPEC says price is being driven by speculators...

Boone Pickens says price is being driven by less oil available..

I believe Boone Pickens.. For those that dont know who Boone Pickens is, he was the first person to start talking about peak oil years ago...

i think its being driven by both actually.. what i do know s that i never thought i would see 4 bucks a gallon....

I read an article that said ts just ne big bubble about to burst. i disagree though, we need our oil, as a nation we arent going to slow down consumption. forget globally... china is a hgue issue too

less oil available where? in the united states we're currently importing more oil than we need. we're using less than we have. and the majority of our reserves are full at the moment.

reserves are only 200 million barrels... thats 10 days worth of usage...

plus, china and india usage rising...

i do agree, there doesnt seem to be a lot of rhyme or reason as to the continued increase in oil price. however, i hold a lot of value in what Boone Pickens says and if he says its mostly due to lower overall worldwide supplies, i believe him..

The most estimates on oil speculation says, that there is around 20-30 bucks premium due speculation on weak dollar. Thats what you get when you have FED trying to bailout its Wallstreet friends, while they dont care much for value of dollar.

"Now every Gradmamma speculate on further rise of oil."

The Central Eurobank head even told it few weeks ago: "to cut interest rates at this point would be the same as taxing the people to bail out the banks. Cost of extra inflation would be the ultimate sign of moral hazard to save banks."

Welp, all I know is that if this thing in the middle east really was a "blood for oil" deal, it sucks nasty ass because oil was $24 a barrel back in 2001.

Boone Pickens' book is pretty good - worth a read - and he has a new one coming out soon.

He's a great promoter of himself and his fund. if I recall correctly though he lost a lot back some decades ago on a bad natural gas bet. I remember he was also short oil just a few months ago before saying he was wrong and going long.

No one knows when peak oil will be. Does he have insight into this that others don't? I am pretty sure he said we were at peak oil when production was about 3 million barrels per day less than it is now. He seems to move the markets with his statements and predictions.

Great. The higher the cost of gas the less crowded the freeways will be, and the more public transportation will be used.

from someone else:

"T Boone's hedge fund was down 98% in 1998, yes 98% when crude went to $10"

From yesterday's Globe and Mail - Oil price defies swelling supplies

"I struggled through the '90s. I struggled to the point of depression. I couldn't get anything to work. I really got down in the '90s. Then, you had this turnaround. Now it looks like everything you throw is a strike."

He's had good times and bad for sure.

He made his bet this time and bet big. Now he is worth $3 billion. He's a great promoter and seems to be on CNBC every week. he's taking some big risks over the years for sure. Back when Mesa was doing big LBOs and trying to do even bigger ones.

130$ today...and we are just going into season....