Simmons-Tierney bet
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The Simmons-Tierney bet is a bet made in August 2005 between Houston banking executive Matthew R. Simmons and New York Times columnist John Tierney.[1] The stakes of the bet are US$10,000.00. The subject of the bet is the year-end average of the daily price-per-barrel of crude oil for the entire calendar year of 2010. The bet is to be settled on January 1, 2011.
Their final agreement was a commitment to tabulate every closing price-per-barrel of oil for each market day of 2010, then average out those prices for the entire year from January 1 through December 31, (adjusted for inflation to 2005 prices). If the year-end adjusted average comes out to $200.00 or more per barrel, Mr. Simmons wins. If it averages out to $199.99 or less, Mr. Tierney wins. The winner takes the entire pot of US$10,000.00, plus interest ($5,000.00 from both parties, currently sitting in escrow).