Pickens: Oil Going to $150, So Move to Gas
"The Saudis claim they have more oil," Pickens told CNBC. "They don't. The President wasted his time to go to Saudi Arabia, to say, 'Give us more oil.' They can't give any more oil...they're stacking up the money as fast as they can stack it up."Pickens expects the price of oil to continue rising.
"Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87 million," he said. "It's just that simple. It doesn't have anything to do with the value of the dollar."
He expects the price of a barrel of oil to reach $150 this year, and he insists speculation has nothing to do with it."