T Boone Pickens - Oil billionaire Pickens predicts $75 oil

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Oil billionaire Pickens predicts $75 oil

Monday, April 20, 2009
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By Daily Crux Editor Sean Goldsmith:

Oilman T. Boone Pickens expects crude to hit $75 a barrel by year's end as producing nations continue cutting production.

He said about OPEC, "They told you they want $75 by the end of the year, I would count on that, I believe them." OPEC has already scaled back output to support oil prices, which have plunged from a high of $147 to around $47 today.

Oil inventories are at a 19-year high, but Pickens said the U.S. could burn through its surplus in three months.

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Topics:		T Boone Pickens \| Energy \| Commodities

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