T. Boone Pickens has stayed long oil. There are some comments out of a brief sideline interview at the U.S. Senate Majority Leader Harry Reid’s National Clean Energy Summit this week. Reuters has noted that Pickens “is long oil” and has the price of $75 as the bogey for the end of this year and $85 for 2010.
Unfortunately, there is not really anything new in him being long oil nor in his price projections. The only difference of $85 for 2010 is that he said in early July that it would be $80 to $85 for 2010.
If you look over Zoltek’s earnings on the alternative energy front, you won’t have much high hopes that the huge Pickens wind power project is going to be coming online any sooner. The company is still hopeful of growth, but didn’t exactly give a battle cry for its return in any big way immediately.
Interestingly enough, Pickens is also still maintaining that the U.S. should at least have a call on the oil in Iraq, although at market prices.
The price of oil has been trying to find equilibrium for some time. It overshot by far last year. Speculators claimed no responsibility, but selling that notion is far from reality. The price of oil also overshot on the downside as the recession looked like the world was turning off the car engines. Now with oil in the $60’s and $70’s, equilibrium seems closer as it hasn’t stayed in the $50’s and it gets sold off as it gets higher than here.
Jon C. Ogg
August 11, 2009
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