Pickens, Rogers See Oil Rising  Printer Friendly Version
Despite plunging prices this week that have taken West Texas
Intermediate Crude below $100 a barrel, legendary investors T.
Boone Pickens and Jim Rogers both maintain their views that oil
prices will continue rising over the long-term, citing increased
demand and dwindling supply.  In an interview with Bloomberg
Television today, Pickens said that he thinks oil is headed
higher, noting that global demand for oil in the fourth quarter
is expected to be 90 million barrels per day but production will
only reach 88 million barrels per day. ''88 won't cover 90,
consequently you have to kill demand with price, meaning oil
prices go up,'' Pickens said in the interview.  Rogers noted in
a CNBC interview that the world uses 86 million barrels of oil
per day and new discoveries cannot make up for lost production,
noting that even new discoveries in Brazil, if the bull case
scenario is correct, would only account for two years worth of
supply.  ''Where is the oil