Without Iraq’s oil, prices could hit $150-$200: Pickens

Oil Well - Photo by Ryan Lackey

If Iraq’s oil supply goes offline, crude prices could hit $150-$200 a barrel, T. Boone Pickens, founder of BP Capital Management, told CNBC on Friday.

“That’s where you have to kill demand with price. That’s the only way you can do it, because oil won’t be there,” Pickens said in an interview with “Street Signs.”

Crude hit a nine-month high Friday as fears intensified over the conflict in Iraq and its potential to disrupt country’s the oil supply. U.S. crude—West Texas Intermediate (WTI)—hit a session high of $107.68 a barrel early Friday. Brent rose to an intraday high of $114.69.

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1 thought on “Without Iraq’s oil, prices could hit $150-$200: Pickens”

  1. And so it begins . . .
    I guess it is time to hit the shale oil and remove ourselves from the equation. There are many untapped oil sources right here at home.
    But that would require someone not in bed with our enemies.
    We have decisions to be made. Some are not easy decisions. One of those decisions is to push all the diesel trucks over to natural gas. Another is to make use of the resources we have at home rather than the ones in Iraq and other Arab nations.
    It is time. It is time to change the rules. One of those rules is going to have to be we change the entire EPA from its current agenda to one that keeps us solvent as a nation.
    That does not mean ignoring the environment. It means coming up with decisions that will keep us alive in the economic world of this century. Blindly leading where angels fear to tread is not longer acceptable.

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