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Wednesday, October 11, 2006

T. Boone Pickens on Oil Prices

It goes without saying that T. Boone Pickens is one of the largest axes out there in the oil and energy complex. Early this morning he made a comment on CNBC regarding oil prices:

"$70 before $50" is his prediction.

In other words, he thinks oil prices will come back up after this huge sell-off we saw. This is a much lighter tone than he has had in the recent past where he had been calling for much higher prices, many times shocking the market while oil prices were heading up every week. He is considered a formidable pundit in the market, and his comments can impact the market. That may lead a credo to what he thinks may be lower oil prices, but we'll have to see what his tone is when that time comes.

He did address global warming (or climate change under the new watered down terminology), and said he thinks humans are contributing. He is a believer in green energy, and has even recently bought up water rights. He has been public in commenting thatthe US should pursue more nuclear power use, more natural gas for transportation, and the promotion of alternative energy. We ran a piece in the recent past on an IPO named Clean Energy Fuels Corp. that is a T. Boone Pickens company.

And for those that care, "T." is for Thomas.

Jon C. Ogg
October 11, 2006
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