T. Boone Pickens’ prediction: Oil production is reaching its peak

When T. Boone Pickens talks, oil traders listen.

The legendary oilman, who runs a multibillion-dollar commodities hedge fund in Dallas, appears frequently on CNBC to predict oil prices. He’s often correct.


So nearly every time he makes a new prediction, the market moves that very day in the direction he forecasts.

“I think you’re going to see $150 before the end of the year,” Mr. Pickens told CNBC viewers Tuesday.

Sure enough, oil futures ended the day 1.6 percent higher at $129.07 a barrel, another record.

Mr. Pickens is one of several Texans who are pushing the Peak Oil theory of oil scarcity into the mainstream. He believes humans will soon use up half the oil they can extract, and oil production rates will drop, never to recover.

Dallas Morning News