CNBC Report: Oil Going to $300 a barrel [View All]

[Rufus2007]

Return of High Oil Price Predictions: CNBC Segment Warns of $300 Oil

If you want to know when the economy is making a comeback, keep a watchful eye on the frequency of high oil and gas price reports in the news.

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Kevin Kerr of Global Commodities Alert explained $300 oil was still a possibility - since the momentum to drill for more oil, improve infrastructure and develop other sources of energy has waned with the decline in the price of crude.

"Look, $300 isn't going to happen overnight," Kerr said. "But the same situation that we had, when we saw oil prices get to $147 - the same things still exist. We do not have more drilling. We do not have more infrastructure. Alternative energy has basically dropped off the map."

http://newsbusters.org/blogs/jeff-poor/2009/05/09/return-high-oil-price-predictions-cnbc-segment-warns-300-oil">Read More Here