Actually they appear to be in agreement as to direction, but Boone isn't saying bubble.
It will go up," said Pickens, who heads the BP Capital hedge fund with over $4 billion under management. "Oil is moving to a substantially higher level -- say above $125 a barrel." U.S. crude futures hit a record $115.54 on Thursday. Oil prices have more than quintupled since 2002, propelled higher by soaring demand from emerging economies like China alongside slow increases in global production capacity. Despite new production from the Canadian oil sands and elsewhere, Pickens said global crude oil production is unlikely to rise above its current rate of about 85 million barrels per day, while global demand will likely hit 87 million bpd in the third quarter of 2008. Pickens also expects U.S. natural gas prices to rise from current levels near $10 per million British thermal units to $12-$14 this upcoming winter.
Pickens, in Washington on Thursday to deliver a speech about energy at Georgetown University, made more than $1 billion in 2006 by betting on rising oil prices.
Ha
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Quote:
Originally Posted by Dawg52
In fact he predicted oil would sink to the high 80's and was shorting oil. I wonder when he bailed from his short position?
Pickens' hedge fund lost over 20 percent in the first three months of 2008 on a bet that oil prices would fall. Pickens said his fund is now looking for oil and natural gas prices to rise.
Ha
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“I’ve had a perfectly wonderful evening. But this wasn’t it.”-Groucho
Either way, I've enjoyed the ride up on DJP. Wondering when I should take some money off the table, but it seems like no end in sight! (up 40% over 1 year and 3 months!)
Doin' the happy dance in Edmonton for now too, BUT if oil goes higher, then the Canadian dollar is going to go even higher against the U.S. and I think that could easily price Canada out of the suppliers market for the U.S., and that will lead to lots of oil and gas exploration in the U.S. and none here.
He is correct! The timing may be in question. Oil prices will break that barrier because long-term demand is rising.
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Just saw a documentary on Discovery channel stating that by 2016, we will have run out of drawable sources of oil/gas. Dont think oil will ever be any cheaper. Might as well sock $$$ in oil/gas and hold on.
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