In an interview on The Kudlow Report on Tuesday, T. Boone Pickens told Larry Kudlow that oil prices could hit all-time highs this summer. Sanctions against Iran are part of the reason. But the limited ability of major exporters such as Saudi Arabia to cover any shortfalls is another driver. And Pickens thinks the Saudis can’t cover the gap.
“It’s tight now. That’s why you have Brent North Sea $126 and you’ve got WTI at $105. Global supply is tight. No, I don’t think they can can cover. If they do, they’ll cover it out of storage,” said Pickens.
How much of a price increase are U.S. consumers looking at?
“I don’t know how much is up. I think you can very well see the old high — $148,” he said. “I’m not saying WTI — our price here in the United States — will go up to $148. It’s been very stable around $100,” said Pickens.
Read more HERE.