T. Boone Pickens: Oil back to $70 a barrel by end of year

BP Capital Chairman T. Boone Pickens on the election and the outlook for oil prices.

T. Boone Pickens: $70 Crude Oil Coming

Energy FOXBusiness

During an appearance on FOX Business Network’s Mornings with Maria, T. Boone Pickens, BP Capital Management Chairman said we should take advantage of America’s energy, as it is the cheapest in the world. And he warned that U.S. consumers are becoming too complacent with cheap gasoline prices because he believes oil will rebound to the $70 per barrel level by the end of the year.

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“None of those things are ever mentioned by anybody because they have two dollar and fifty cent gasoline, well that isn’t going to remain forever. But here you need to look at energy as a powerful, powerful asset America has and it just has to drift along, nobody says anything.”

Along with oil, Pickens said America should be taking advantage of cheap natural gas prices.  

“All right, what is it: You’re 75% cheaper than the rest of the world in natural gas, you’re 10% cheaper on oil and you’re half the price of gasoline versus the rest of the world, take advantage of it. Understand how to use it and use it to our advantage.”

Regarding the 2016 race for the White House, Pickens noted that he had attended an event for Jeb Bush last evening and he said that he would be supporting him, as he has always supported the Bushes.

“We’ve got some good candidates, whoever we get on the Republican side, we are going to beat Hillary,” notes Pickens.

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A recent Fox News Poll of primary voters released this week shows Hillary Clinton leading the Democratic Nominees with a 61% margin. While Jeb Bush is the leading Republican candidate with 15%.

Fox News Poll

2016 Democratic Nominee Preference
Among Democratic Primary Voters
Clinton            61%     Webb               2%
Sanders           15%     O’Malley         1%

2016 GOP Nominee Preference
Among Republican Primary Voters
Bush                15%     Fiorina             3%
Trump              11%  

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