T. Boone Pickens: Oil Prices Will Be Back Up To $70-80 A Barrel By End Of The Year

Saudi Billionaire Prince Al-Waleed Bin Talal recently commented that oil will never go back to $100. However, renowned energy investor T. Boone Pickens of BP Capital thinks otherwise.

Pickens was recently on CNBC to share his outlook for oil prices.

“He [Prince Al-Waleed Bin Talal] doesn’t know what he is talking about because the reason the oil price has dropped is because production in the United States,” Pickens said. “That guy from Saudi Arabia or wherever else, he certainly knows what he has over there and I think we know what we have here and no question we were the ones that caused it and we will be the ones who’ll fix it.”

He continued, “The way we’ll fix it is our rig count will go down. You are going to lose half of.. we got 1,500 rigs drilling for oil in United States and in the last 30 days they have dropped 300 rigs.”

“You are going to reach an all-time high on inventory of oil and it will be reached within the next six weeks and then it will start to decline and you will be back up by the fourth-quarter this year...to $70-80 a barrel,” Pickens said.

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“I think it’s a little bit early to jump in there, it’s just be patient…let the inventories go on up and you are very well going to see some more weakness in the oil price and then there will be a time to get in.”