Wednesday, May 21, 2008

CNBC: Boone Pickens on Oil

BP Capital CEO Boone Pickens thinks we'll see $150 oil before the end of the year. He also bought 10 million shares of Yahoo, following his friend Carl Icahn into the deal.

He also believes demand destruction in oil due the US slowdown is a non-issue, as the rest of the world is compensating for any drop in US demand. Boone also made an interesting point about oil and gas being subsidized in many parts of the world, and thus not as sensitive to price increases.

CNBC Video

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