Pickens Tells CNBC: Fundamentals Pushing Up Oil, Not Politics

Texas energy investor Boone Pickens told CNBC that the recent spike in oil prices is due more to “fundamentals” than geopolitical tensions with Iran and that “you’re going to look at $70 oil pretty quick.”

Pickens also ruled out Saudi Arabia playing white knight. The kingdom has plenty of oil but it’s not of very good quality. “The oil that’s available [to Arabia] is the undesirable, high-sulfur, low gravity crude,” he said.