T. Boone Pickens told FOX Business Network’s Brian Sullivan that oil prices will go up to $85-90 per barrel by the end of the year and that he’s close to signing three new deals using wind energy.
Excerpts are below: Courtesy of Fox Business Network
On oil going to $85-$90 dollars a barrel:
It’s gonna go up. You are not going to go to 100, we hit it out of the park last year. This year I’ll say we’ll be $85-$90 by the end of the year.
On being close to announcing three new deals with wind energy:
“I think I’ll be able to announce three deals that will be done on the wind within the next 30 days. I haven’t signed them up yet, but I am close. Wind will happen. It’s a renewable, people want it. Is it going to replace coal, no. Is it going to replace natural gas, no. But it will have a place in our overall energy mix…Get on American fuel is what we need to do and cut off the imports from OPEC.”
On if hedging between natural gas and wind energy:
“I hedge myself and I believe in both”
On the future of wind:
“Under certain circumstances [wind is profitable]. If you have a power purchase agreement, yes, you can make it work in some cases. The place where it works best is with natural gas at $7…We’re going to use it for transportation fuel that’s why [natural gas will go to $7]…it will work, there may be a little rough water along the way, but it will work.”
