Boone’s still bullish on long-term oil investments
Boone Pickens, a man that is legendary for amassing his fortune by investing in oil, told CNBC this morning that he expects crude prices to temporarily dip back around the $85 -$90 bbl range next quarter. “I think oil’s going to back off,” Pickens said. “The weakest quarter is the second quarter. We’ll drop $10 or $15 a barrel in the second quarter. I think we’ll be back above $100 in the second half of the year.” Last year, Pickens correctly predicted that oil would hit $80 before his 80th birthday and went on to accurately forecast oil’s rise to $100. “If there is one public oil and energy sage that the markets like to listen to, you need to look no further than T. Boone Pickens,” said 24/7 Wall St. According to Pickens, today’s high prices are a direct result of tight market supplies and are not significantly affected by speculation. He believes current production holds little or no spare capacity and that rising demand will continue to fuel overall price increases.Published Thursday, February 21st, 2008 at 10:23 am and filed under Industry News.