T. Boone Pickens has been around Texas tea for a long time. Longer than certain young guns who managed to return 18% last month betting that OPEC was going to try to drown U.S. shale-oil producers in cheap crude, which is exactly what it did. But take it from old T. Boone: The good times? They ain’t gonna last forever.
Prominent oil investor and sometime-renewable-energy booster T. Boone Pickens predicted Tuesday that the plunging oil price would rebound to $100 a barrel in the next 12 to 18 months….
“They didn’t say they wouldn’t cut, but OPEC will have to cut, and that is what’s going to happen. The Saudis are the ones that make the cut. They can take $70 oil and take it out 10 years — they have the cash reserves that allow them to do that. But they can’t do that to the rest of OPEC,” Pickens said.