Friday, April 18, 2008

Boone Pickens: ‘I Missed’

clipped from
Texas oilman T. Boone Pickens said he expects the price of oil to rise “substantially higher,” reversing an earlier short position.
he had erred in predicting earlier this year that the price of oil would fall to $90 a barrel by the second quarter.

The position is long, not short,” Mr. Pickens told reporters when asked about his current position after addressing a group of Georgetown students. “I covered the short position. It was a mistake on my part. I missed.”

“There are only 85 million barrels of oil in the market every day,” Mr. Pickens added. “I don’t think you can get it above 85 million – lock that number in, and we’ll see if I’m right.”

“I’m hoping that he’ll get better informed and come up with better ideas about energy than I’ve seen up to now,” Mr. Pickens said of Mr. McCain. Asked his opinion of Mr. McCain’s overall energy platform, Mr. Pickens replied “what is his energy platform?

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