In an interview on FOX Business Network’s Cavuto: Coast to Coast, oil and gas magnate T. Boone Pickens said he is not worried about the impact of China and Greece on oil.
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“I’m not afraid of China and Greece is not a factor. Demand is good… we’re halfway through the year and we’re on track for two million barrels a day. We started off at about a million five and there’s no question cheaper gasoline gets higher demand for oil.”
Pickens also commented on the swelling inventory of natural gas, saying the United States is “over-supplied” and “overwhelmed.” The United States Natural Gas Fund (NYSE:UNG), which tracks the price of natural gas, has dropped 42% over the past year.
Pickens also reminded us that the cheapest energy can be found in the U.S.
“We are 75% cheaper on natural gas than the rest of the world,” Pickens said. “We are 15% cheaper on oil than the rest of the world and half the price of gasoline, so you have the cheapest energy in America than anyplace else in the world.”
As for the global economy, Pickens is cautiously optimistic.
“The world economy is pretty good. Is it booming? No. And the United States is not booming either. But I can tell you you’ve had a lot of people go out of work with the price of oil at $50 a barrel, but those people are finding jobs pretty quick.”