RTRS: Oil may hit $100/bbl next year, Pickens says
* Pickens sees oil trading around $90-$95/bbl range in 2011
* Oil price may spike to $100 temporarily, Pickens says
* U.S. spent $28 billion on foreign oil last month-Pickens
NEW YORK, Nov 11 (Reuters) - Oil prices will rise to between $90 and $95 a barrel next year and may even spike to $100, Dallas-based energy investor T. Boone Pickens forecast on Thursday.
Pickens, who has been campaigning to wean U.S. consumers off foreign oil and get them to shift to locally plentiful natural gas as a transportation fuel, made the oil price forecasts in a monthly report, which estimated that expenditure on U.S. oil imports during October topped $28 billion.
"Last December I correctly predicted oil would reach $85 a barrel by the end of 2010. In 2011, you'll see oil hit $90-$95 a barrel, and it could get as high as $100 a barrel," Pickens said in a statement.
U.S. crude futures CLc1 have risen to two-year highs near $88 a barrel this week.
Oil traded at near a 22:1 ratio to natural gas futures contracts NGc1 on Thursday, which were near $4.03. The ten-year average oil to gas futures price ratio is under 10:1, according to Reuters data, putting gas at a sharp discount to oil in historical terms.
Pickens, 82, chairs Dallas-based hedge fund BP Capital Management and is one of many forecasters who see oil prices rising next year. Large banks including Goldman Sachs also have said that oil prices could rise to as much as $100 a barrel in the course of 2011. (Reporting by Joshua Schneyer; Editing by Marguerita Choy)