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The following is an interview with Boone Pickens in the Dallas Morning News on June 4, 2005 concerning his predictions on the price of oil:
"Striking while oil is hot
Boone Pickens' calls that prices would keep rising have paid off big
08:41 PM CDT on Sunday, June 5, 2005
By SUDEEP REDDY / The Dallas Morning News
As oil surged toward $55 a barrel last week, Boone Pickens and his energy investment funds had their most profitable day ever.
Legendary oilman Boone Pickens manages investments at BP Capital, the firm he launched in 1997. But the 77-year-old sat quietly in his Dallas office without celebration. When making bets in the volatile oil and gas markets, Mr. Pickens says, he's taught his team to look past daily fluctuations as they manage some $2.5 billion for him and wealthy investors.
"You don't get up high on a high day and you don't get your chin on the table on a low day," said Mr. Pickens, who declines to disclose publicly the precise day-to-day changes in his funds.
The legendary oilman gained his fame as a corporate raider in the 1980s, driving up the stocks of energy firms such as Gulf Oil Corp. and Unocal Corp. with his hostile takeover attempts.
Boone Pickens predicted in September that crude oil would hit $60 a barrel before it reached $40 a barrel again. <font color="blue"> He has also predicted $3 gasoline by next year.
</font>
Today, he's offering public predictions about oil and gas prices while managing investments at BP Capital, the firm he launched in 1997 after selling Mesa Petroleum.
So far, his predictions have been on target.
Last May, as crude oil flew past $40 a barrel, Mr. Pickens offered that it would hit $50 a barrel before it hit $30 again. He went even further in September, betting oil would hit $60 before it reached $40 again.
The latest prediction held true in electronic trading, though oil hasn't topped $58.28 in regular trading.
Mr. Pickens isn't strongly pushing the $70-before-$50 view now, but he says oil only has one direction to go over the long term as the supply-demand fundamentals get tighter.
"We're still convinced that production globally has maxed out," Mr. Pickens said. "If it isn't, it's very close."
Even as oil dipped below $47 last month, Mr. Pickens said he was secure in his view about the general trend.
"I think you'll be back to $60 before year-end for sure," he said. He has also predicted $3 gasoline by next year. "
"Striking while oil is hot
Boone Pickens' calls that prices would keep rising have paid off big
08:41 PM CDT on Sunday, June 5, 2005
By SUDEEP REDDY / The Dallas Morning News
As oil surged toward $55 a barrel last week, Boone Pickens and his energy investment funds had their most profitable day ever.
Legendary oilman Boone Pickens manages investments at BP Capital, the firm he launched in 1997. But the 77-year-old sat quietly in his Dallas office without celebration. When making bets in the volatile oil and gas markets, Mr. Pickens says, he's taught his team to look past daily fluctuations as they manage some $2.5 billion for him and wealthy investors.
"You don't get up high on a high day and you don't get your chin on the table on a low day," said Mr. Pickens, who declines to disclose publicly the precise day-to-day changes in his funds.
The legendary oilman gained his fame as a corporate raider in the 1980s, driving up the stocks of energy firms such as Gulf Oil Corp. and Unocal Corp. with his hostile takeover attempts.
Boone Pickens predicted in September that crude oil would hit $60 a barrel before it reached $40 a barrel again. <font color="blue"> He has also predicted $3 gasoline by next year.
</font>
Today, he's offering public predictions about oil and gas prices while managing investments at BP Capital, the firm he launched in 1997 after selling Mesa Petroleum.
So far, his predictions have been on target.
Last May, as crude oil flew past $40 a barrel, Mr. Pickens offered that it would hit $50 a barrel before it hit $30 again. He went even further in September, betting oil would hit $60 before it reached $40 again.
The latest prediction held true in electronic trading, though oil hasn't topped $58.28 in regular trading.
Mr. Pickens isn't strongly pushing the $70-before-$50 view now, but he says oil only has one direction to go over the long term as the supply-demand fundamentals get tighter.
"We're still convinced that production globally has maxed out," Mr. Pickens said. "If it isn't, it's very close."
Even as oil dipped below $47 last month, Mr. Pickens said he was secure in his view about the general trend.
"I think you'll be back to $60 before year-end for sure," he said. He has also predicted $3 gasoline by next year. "
