No Spike in Natural Gas Looming: Boone Pickens |
| CNBC - Aug 22, 2012 |
The U.S. should continue to have a cheap energy advantage compared to the rest of the world, T. Boone Pickens, BP Capital founder, told CNBC’s “Squawk Box” on Wednesday.
“There's going to be a fabulous opportunity for natural gas, but we're not there yet,” Pickens said.
Pickens expects natural gas prices to climb to $4 by the end of the year, but no major price spike. “You can make money at $4,” he said, “Of course, it's going to be better than at $2 or $3, but you aren't going to get many wells drilled.” (Read More: Inside The World of Fracking.)
Instead, Pickens sees a greater chance of a spike in crude oil prices. He’s predicting $115 a barrel on West Texas Intermediate crude by year’s end. Flare ups in the Middle East could cause a spike, Pickens cautioned.
“If (Israel) bombs Iran, you're going to have a spike up in oil price, there's no question about that, just because they bombed Iran, not because you're going to have a shortage of oil immediately,” he said. (Read More: Demand Is Weak, So Why Are Oil Prices Rising?).
Read Full Article from CNBC
- Posted: 2012-08-22 15:33:44
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