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Oil price may rise to $75 per barrel: Expert
Texas oilman T Boone Pickens, who was derided when he predicted $60 a barrel oil, now forecasts that crude price will hit $75.
As oil traded for as much as $67.10 a barrel and settled at $66.8 in the New York Mercantile Exchange, Texas oilman T Boone Pickens, who was derided earlier this year when he predicted $60 a barrel oil, now forecasts that crude price will hit $75.
The Commerce Department reported on Friday that the high cost of oil imports widened the gap between US imports and exports by 6 per cent in June to $58.8 billion.
So far this year, the trade gap is running at a yearly rate of $686 billion, 11 per cent higher than last year's all-time record.
Two thirds of Americans surveyed in a new poll said they expect energy prices to pinch their family budgets in the months ahead. The poll by the Associated Press and AOL, found worries about the impact on family finances have grown much more widespread since the spring, when barely half of those surveyed expected to be hurt by energy prices.
