Boone Pickens revises oil price forecast
Boone Pickens, famous for making his fortune by investing in oil, has rescinded his assertion that the near-term price of oil will fall. “Mr. Pickens, the founder and chairman of Dallas-based BP Capital LLC, said in an appearance at Georgetown University that he had erred in predicting earlier this year that the price of oil would fall to $90 a barrel by the second quarter,” reported the Wall Street Journal.
“The position is long, not short,” Pickens said in an informal Q&A after his speech. “I covered the short position. It was a mistake on my part. I missed.”
The price of oil has continued to surge to new records during the second quarter. This week, U.S. light crude hit an all-time high of $117 per barrel before settling at $116.96. Oil prices have risen more than three-hundred percent since 2002.
Published Sunday, April 20th, 2008 at 10:04 pm and filed under Industry News.