![]()
- The Secret Lives of Traders—Seeking the Next Hot Thing
- Markets Finally Get Greek Deal —So Where's the Rally?
- Warren Buffett: Stocks Will Outperform Gold and Bonds
- Greece Deal Fails to Convince, EU Demands More
- 'Mortgage Deal from Hell' Hurts Sound Borrowers: Bove
- Clint Eastwood: Super Bowl Ad Endorses No One
- Zynga, Hasbro Partner to Make Toys, Games
- Home Builder Optimism Up, Industry Expert Says
- A Wealthy Backer Likes the Odds on Santorum
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- LinkedIn Earnings Bode Well for Hiring and Social Media
- Top Five Mistakes to Avoid in Online Dating
- Victor Cruz ‘Understands’ Gisele's Super Bowl Frustrations
- Tamminen: The United States of India
- Unusual Volume: Taleo Jumps After Oracle's $1.9 Billion Offer
- Warren Buffett: Stocks Will Outperform Gold and Bonds .. and They're Safer 'By Far'
- So Now You Can’t Give Microsoft Away?
- Robo-Deal Is All About Lowering Mortgage Principal
MOST SHARED
- Stocks Looking Past Europe for a New Driver
- Canaccord, China's Eximbank Plan $1 Billion Resource Fund
- Jobs You Can Do Forever
- DBS Fourth-Quarter Profit Rises 8%; Tops Forecast
- Chart Patterns Suggest Pullback at Hand
- Australia's Newcrest First-Half Underlying Profit Up 17%
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Mulling Buffett's Stock Advice? Get in With REITs: Fund Managers
- UPDATE: Massive Trend Just Getting Underway in Financial Services: Finerman
- LinkedIn Earnings Bode Well for Hiring and Social Media
MOST POPULAR
HOT ON FACEBOOK
Pickens Sticks with $150 Oil; Could Fall to $100
Legendary oil investor Boone Pickens stood by his forecast that oil prices will hover around $150 a barrel now and told CNBC that they may fall to about $100 in two years.
![]() |
AP Boone Pickens |
"I'll stick with $150 (per barrel)," Pickens, who is also CEO of BP Capital, told "Squawk Box". "Demand going down, that's what will bring this thing in better balance".
Asked where he saw the price of oil going in the next two years, he said: "You could get it back down to about 100."
The high oil prices are not determined by speculators and the weak dollar but by supply and demand, Pickens also said.
"It (the price of oil) isn't driven by speculation," Pickens said, adding that for 85 million barrels of oil production, demand is around 86 million barrels.
Also on Tuesday, JP Morgan [JPM
Loading...
()
] said U.S. crude futures may hit $150 later this month, while Lehman Brothers [LEH
Loading...
()
] raised its oil price forecast to an average $127 a barrel for 2008 from its previous assumption of $105.
Pickens also said the U.S. should have a call -- an option to buy at a certain price -- on oil coming from Iraq.
"What's happened now is we've paid billions and billions of dollars for the Iraqi situation and we've lost 4,000 lives," Pickens said. "We should at least come out of there with a call on their oil at market price."
Cutting ImportsBuilding new wind generation facilities to reduce America's dependence on foreign oil is essential for the country's economy, he added, unveiling a plan to boost the use of alternative energy.
The U.S. is currently importing 70 percent of the oil it needs compared with 42 percent in 1990 and 24 percent in the 70s, and this is costing the country $700 billion, Pickens said.
"We are very close to a disaster for the country," he told "Squawk Box." Importing oil "is expensive now, it's gonna get more expensive," he added.
Asked whether drilling for oil should be allowed everywhere, Pickens answered "I say yeah, let's go ahead and do it."
The Department of Energy estimated that 20 percent of America's energy needs can be covered by wind energy, but Pickens, who already invested in the field, says it can cover as much as 40 or even 60 percent.
There is a "perfect spot" in the interior of the country, a corridor stretching from West Texas to the Canadian border, for wind turbines, said Pickens, who dubbed America "the Saudi Arabia of wind."
- Many have called to abolish the Federal Reserve. But what would happen if it was dissolved for good?
- Entrepreneurs have increasingly been buying back their companies over the last three years.
- Where are the best city locations for singles to take the online dating plunge?
- A Steelers fan spent a week with wide receiver Antonio Brown- and it was all due to tweeting.
- Here’s a look at the woman behind the newest collectible toy that kids love.
- Grab a brew—or not—and click ahead to experience the world’s most highly rated beers.












