T. Boone Pickens Calling For Higher Oil Prices

Energy

Published: September 13, 2007 7:15 am

Last Updated: March 26, 2020 6:10 pm

The famed T. Boone Pickens came on CNBC for a telephone interview again with new predictions for high oil prices. It was a bit interesting that he doesn’t have a stated target for oil this time but he did note the likelihood of $85 to $88 oil in Q4, and he thinks the the fourth quarter will be exciting times in energy trading. Here are some other things he noted:

BP said Mexico’s problems could be a problem for us.
Higher odds of a recession will cut oil prices if demand drops.
$80 oil, if you are on the brink of a recession, could push you into one.
He said he didn’t know what price the oil levels would impact the stock market.
Natural gas is still in an oversupply, but maybe not as much as first thought.

Yesterday, we gave a Best of Breed list of stocks with oil at $80 per barrel and gave the link for the first time T. Boone Pickens said that we’d see $80 oil before he turned 80 years old. As a reminder, the two key energy ETF’s are: Energy Select Sector SPDR (AMEX:XLE) and Oil Services HOLDRs (AMEX:OIH).

Jon C. Ogg
September 13, 2007

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