Oil at new low for 2006!!!

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OPEC cuts supply and OIL continues to drop. Hmmm, very interesting. I thought just 3 months ago we were running out of supply due to the demand from U.S, China and India. All of the sudden there is no more demand.
 
I just read that T. Boone Pickens (billionaire Texas oilman and money mgr) has predicted $70 crude before the end of this year and $100 crude by the end of the 2nd qtr 2007. And you're right, all that demand from around the world that drove the price up didn't magically dissipate. Will be nice to get this election over so various instruments (oil, commodities, equities, US dollar, etc.) can stop getting goosed on a daily basis.
 
Quote from Magna:

I just read that T. Boone Pickens (billionaire Texas oilman and money mgr) has predicted $70 crude before the end of this year and $100 crude by the end of the 2nd qtr 2007. And you're right, all that demand from around the world that drove the price up didn't magically dissipate. Will be nice to get this election over so various instruments (oil, commodities, equities, US dollar, etc.) can stop getting goosed on a daily basis.
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and when did he say that?
 
i know this is not a major influence at all but there have been a lot of car factories closing down which could mean something... think about it:p
 
Quote from Li Ka Shing:

Didnt you guys watch Bloomberg TV? Just today he was interviewed. He said oil will see 70 before it sees 50.
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but will we see 51 before we see 70?
 
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