T. Boone Pickens appeared on Bloomberg television to talk about rising oil prices due to the continuing unrest in North Africa and the Middle East. Boone said that “oil prices could rise to $120 to $150 a barrel on tensions in the Middle East.”
The price for light, sweet crude has hovered around $100 for the past few days. Brent crude is priced at $115 per barrel. The previous high for oil was reached in the summer of 2008 when it hit $148 per barrel.
Asked where oil prices would go in the next 3-4 months, Boone said,
“Once the Egypt deal moved out of the way, and then Libya, and there are others Oman, Algeria, even the Saudis-there may be something stirring there. The Iranians may have another problem. I do not know where you go. You start taking some of that oil off the market and the price can go anywhere.”
As always, Boone presented not just the problem, but the solution. Asked what we need now, Boone said:
“An energy plan. We have gone 40 years and never had an energy plan. We are the largest user of oil in the world. We use almost 25% of all the oil used every day with 4% of the population and we have no energy plan. None, zero. Let’s focus on ourselves. We are the problem.”
To read the entire piece and watch the video clip from Bloomberg TV, click HERE.
— The Pickens Team