T. Boone Pickens to discuss peak oil concerns with Midland audience

Boone Pickens made a name for himself in the late 1970s and early 1980s when he was labeled a corporate raider for efforts to take over companies like Gulf Oil Co., which ended up being absorbed by Chevron.

The Texas-based oil man, son of an Oklahoma oil man, protests he never considered himself a corporate raider. But since those days, he has switched his focus to what he says is a looming crude shortage, and will be bringing that message to Midland April 4. He will speak at Midland College’s Chaparral Center beginning at 7:30 p.m. The event is free and no tickets are required.

Pickens answered questions about his upcoming visit during a phone interview from the Dallas offices of his company, BP Capital Management.
Will your concerns about peak oil be the focus of your visit to Midland?

I’ll talk about world oil peaking, yes. I believe that to be the case, that 85 million barrels a day is the best the world can do. I think we’ll be tested in the fourth quarter of this year. Oil demand globally should be 86-87 million barrels a day. Now, that’s if the global economy holds up. If the global economy declines any, oil demand should ease. If demand continues to strengthen, prices will move higher and could reach $70 a barrel.

Does your concern about peak oil take into account technological advances?