T. Boone Pickens Calling For Higher Oil Prices
The famed T. Boone Pickens came on CNBC for a telephone interview again with new predictions for high oil prices. It was a bit interesting that he doesn’t have a stated target for oil this time but he did note the likelihood of $85 to $88 oil in Q4, and he thinks the the fourth quarter will be exciting times in energy trading. Here are some other things he noted:
- BP said Mexico’s problems could be a problem for us.
- Higher odds of a recession will cut oil prices if demand drops.
- $80 oil, if you are on the brink of a recession, could push you into one.
- He said he didn’t know what price the oil levels would impact the stock market.
- Natural gas is still in an oversupply, but maybe not as much as first thought.
Yesterday, we gave a Best of Breed list of stocks with oil at $80 per barrel and gave the link for the first time T. Boone Pickens said that we’d see $80 oil before he turned 80 years old. As a reminder, the two key energy ETF’s are: Energy Select Sector SPDR (AMEX:XLE) and Oil Services HOLDRs (AMEX:OIH).
Jon C. Ogg
September 13, 2007