T. Boone Pickens: $80 Oil Before He’s 80

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By Douglas A. McIntyre Published

Oil and energy trading magnate T. Boone Pickens was on CNBC earlier this morning with the prediction that we will now see $80.00 per barrel oil before he turns 80 years old.  That is only next May, or just over 10 months from now.  He noted with demand where it is and with capacity maxxed out that if you are speculating in oil prices there is just no way you can be short oil, even though it could go back under $70.00.  Pickens also hinted that Saudi and OPEC are trying to find the right equilibrium on oil prices as high but not too high.

Oil is trading at $72.91 (+$0.41) in early trading this morning, and it appears that part of the boost in oil prices may be on his comments.  We also had the International Energy Agency report saying global energy consumption would increase next year, and seperately there were gas line attacks by rebels in Mexico that have impeded supplies this week.

Jon C. Ogg
July 13, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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