Pickens Says Oil Could Hit $150 This Year
In an interview with CNBC, billionaire Texas oilman T. Boone Pickens said he thinks crude oil could go as high as $150 a barrel this year.
Pickens said only natural gas is plentiful enough to offset dwindling supplies of oil, particularly for the U.S., and only a global recession would cause oil to fall.
Pickens said high oil prices are tied to depletion of supplies around the world and are not driven by speculators.
