Pickens Says Crude Oil Prices Could Reach $90-$100 in 2 Years
Feb. 16 (Bloomberg) -- Boone Pickens, the Dallas hedge fund manager who predicted last year's rally in oil prices, said oil could reach $90 to $100 per barrel in the next two years.
``You could work up to that level, $90 to $100 a barrel, in the next two years,'' Pickens said in an interview. ``It could go to $90 or $100 a barrel pretty quick if something went haywire,'' he said, referring to the possibility of conflict with Iran or Venezuela or some other event that disrupts supply.
Pickens, chairman of BP Capital LLC, correctly predicted in 2004 that oil prices would top $60 a barrel in 2005. Yesterday crude-oil futures fell below $58 a barrel in New York for the first time this year after the Energy Department reported U.S. inventories jumped. Oil has fallen 16 percent so far this month.
Oil prices could still decline in the next few months, Pickens said.
``There's too much oil around right now. It could come on down to the lower $50s but we'll be back up again in not too long,'' Pickens said. ``I don't think I'll see $50 a barrel again in my life.''
