Posted on 12/23/2014 8:00:36 AM PST by shove_it
Energy entrepreneur T. Boone Pickens predicted Tuesday that Brent crude oil will be at $90 to $100 barrel in 12 to 18 months. "The world got along fine with $100 oil," he said on CNBC.
Less global demand for oil is more to blame for the price drop than oversupply, Pickens said in a "Squawk Box" interview.
"The demand for the world was another 1.3 million this year, and half of that is what we got," he continued. "The oversupply for oil has come from the United States."
The Organization of the Petroleum Exporting Countries alone can't satisfy the world's need for oil, he added. "Are they trying to test the U.S. producer? I don't know, maybe so."
In a heated exchange over "peak oil," defined as the point when extraction rates top out, Pickens defended his 2005 call, which came before the U.S. shale boom. "We did peak [for OPEC] in 2005."
"If you look at 2005, you're finished as far as for the rest of the world. What saved you was the shale. American industry saved the world one more time," he said.
He rejected assertions that he was wrong in 2005 about "peak oil" given the landscape of today's oil market.
"That's all good bulls--- and all," he said—implying that at the time there was no way to know how big the shale boom was going to be. "I'm the expert you guys, not you." With more than a half century in the oil and gas business, Pickens spent most of his career building Mesa Petroleum into a powerhouse. After selling Mesa in 1996, he founded BP Capital Management, an investment firm focusing on the energy industry...
(Excerpt) Read more at video.cnbc.com ...
Thanks for your input. It’s disappointing that so many FReepers attack this man who provided million$ in support of the Swift Vets campaign to defeat John F’n Kerry’s presidential bid. He is also a man who puts his money where his mouth is. Admittedly, he did make a pitch for federal subsidy of his Picken’s Plan but he went ahead on his own without the subsidy. He’s a great American who has my admiration.
Power flatulence will save us.
Full MEES Interview With Saudi Oil Minister Ali Naimi
http://www.freerepublic.com/focus/f-news/3240221/posts
Neither Pickens nor anyone else can predict where oil prices will be a month from now. Why does anyone even ask?
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