Pickens says oil won’t go below $100

NEW YORK (Reuters) – Texas oil billionaire T. Boone Pickens said on Thursday crude prices may soon fall as low as $110 a barrel amid falling gasoline demand, but should not sink below $100 because the United States depends heavily on oil imports.

“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.

Reuters