T. Boone Pickens Sees Oil Going As High As $150 (USO) (CLNE)
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Today on Bloomberg Television, T. Boone Pickens commented that oil prices could rise to $120-$150 with the tension in the Middle East and Northern Africa being ongoing. He mentions that the in next 2-4 months its unpredictable to tell what is going to happen, as one country solves an issue another two are brought up in another.
When Pickens was asked about what the media could do to better cover the oil story, he stated that they need to back away from the Wisconsin deal and focus more on how high the price of oil will go, if it does reach $150 the government may shut down. He believes that the only way to sustain the demand of oil is with the price, but if the price goes to high then the global economy will hit another recession as it did in the past.
Pickens reports that Obama needs to come up with an energy plan, it has been 40 years and the government has never had an energy plan. He states that we are the problem considering that we only make up 4% of the entire population and consume 25% of the oil used daily. He believes that the U.S. need to increase the amount of their own oil that they use because using OPEC oil is practically funding their own enemy. The OPEC sets the price of the oil, so its not a free market, and paying for OPEC oil is going to the Taliban.
On the topic of Natural Gas T. Boone feels that the natural gas bill that is currently being discussed, will be passed overwhelmingly in the House before July 4th. He notes that this is not the total energy plan, but that it will be a good start.
Related stocks and ETF's United States Oil (NYSE: USO), Clean Energy Fuels Corp. (NASDAQ: CLNE).
When Pickens was asked about what the media could do to better cover the oil story, he stated that they need to back away from the Wisconsin deal and focus more on how high the price of oil will go, if it does reach $150 the government may shut down. He believes that the only way to sustain the demand of oil is with the price, but if the price goes to high then the global economy will hit another recession as it did in the past.
Pickens reports that Obama needs to come up with an energy plan, it has been 40 years and the government has never had an energy plan. He states that we are the problem considering that we only make up 4% of the entire population and consume 25% of the oil used daily. He believes that the U.S. need to increase the amount of their own oil that they use because using OPEC oil is practically funding their own enemy. The OPEC sets the price of the oil, so its not a free market, and paying for OPEC oil is going to the Taliban.
On the topic of Natural Gas T. Boone feels that the natural gas bill that is currently being discussed, will be passed overwhelmingly in the House before July 4th. He notes that this is not the total energy plan, but that it will be a good start.
Related stocks and ETF's United States Oil (NYSE: USO), Clean Energy Fuels Corp. (NASDAQ: CLNE).
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