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CanadianValue
CanadianValue
Articles (4612) 

Boone Pickens Outlook for Oil and Natural Gas Prices

February 03, 2012 | About:

Main points from Pickens:

- U.S. oil industry doing a great job of finding oil; we have the cheapest oil in the world (referring to WTI discount).

- On top of that natural gas at $2.50 in the U.S. compares to $13 in Europe and $15 in the Middle East.

- U.S. uses 19 million barrels of oil a day and produces about 8.8 million barrels, still heavily reliant on OPEC.

- Sees oil down a month from now, but he can’t foresee $75 per barrel any time soon.

- Also thinks oil prices will be down 6 and 12 months from now.

- Obama’s State of the Union closely resembles the Pickens plan, the question is whether he will actually do anything.

- In 2008 Obama said in ten years we would never import oil from the Middle East again. Not another word since 2008.

- Thinks with some help from Washington, we can convert the nation's truck fleet to natural gas within 7 years.

About the author:

CanadianValue
http://valueinvestorcanada.blogspot.com/

Rating: 2.9/5 (12 votes)

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