Energy Business

Boone Pickens Down $2 Billion In July?

Tx00338coilwellgusherodessatexasposAccording to Reuters and The New York Post, T. Boone Pickens’ BP Capital hedge fund was down 35% in July. The fund manages $7 billion.

Of course, that loss is probably only on paper.

Pickens could get himself in trouble on oil prices. He is bullish enough to be promoting wind energy as an alternative, preaching to anyone who will listen. In the meantime crude has fallen from $143 to $117, not good for any fund betting long.

I don’t think it’ll drop below $100,” Pickens told Reuters in a telephone interview. “I would say $110 is where it might go, something like that.”

If he is down a couple of billion on a bad position in oil, he better hope not.

Douglas A. McIntyre