Boone Pickens Predicts $100 Crude Oil In 2009
The “Oracle of Oil,” T. Boone Pickens, Jr., appeared on CNBC this morning and talked about crude oil. From the CNBC website:
“We’re out of the market, and have been for several weeks,” Pickens told CNBC’s “Squawk Box.” “I want to see a little more (from) the market before we move back in again; we’re not going to be in any rush.”
According to the Chairman and CEO of BP Capital, the price of crude oil should recover next year. From the CNBC piece:
Pickens predicts that price will recover to about $100 per barrel during 2009.
“This is the worst credit crunch I’ve ever had,” he said, adding, “We’ve been through them before; you just work your way through it.”
He predicts consolidation as the oil industry struggles to cope with the price plunge.
“I guess I’m kind of anxious to see the first offer for a company,” he said. “We may be a few months away from it.”
He declined to name names.
Source:
“Pickens: I’m On Sidelines … $100 Oil in 2009”
CNBC, October 30, 2008
