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Pickens: Oil May Hit $110, but Won't Go Below $100
Topics:Hedge Funds | Transportation | Boone Pickens | Environment | Energy | Commodities
Sectors:Industrial Goods and Services | Utilities | Oil and Gas
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AP Energy investing guru T. Boone Pickens. |
"I don't think it'll drop below $100," Pickens told Reuters in a telephone interview. "I would say $110 is where it might go, something like that."
U.S. drivers have turned to public transportation and shortened trips in response to high gasoline prices, a major factor in oil's drop of more than $31 a barrel since hitting a record over $147 per barrel last month.
Pickens' hedge fund BP Capital, which manages about $7 billion in assets, sank about 35 percent in July, according to a report this week in the New York Post.
Pickens declined to comment in the interview about the performance of his fund.
The U.S. Department of Transportation reported this week that vehicle travel declined for the eighth month in a row.
Copyright 2009 Reuters. Click for restrictions.
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