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January 18, 2007

Slim Pickings for T. Boone Pickens - No $70 Oil. Actually $50!

posted by MR WAVETHEORY at 1/18/2007 12:38:00 AM
Hedge fund hotshot T. Boone Pickens made a Texas-size mistake about the price of oil.

Pickens, worth $2.7 billion according to Forbes magazine, is confident oil will average $70 a barrel in 2007. His prediction, made to the Houston Chronicle, flew in the face of the current clump in oil.

Oil is now down to almost $50 a barrel.

In October, Pickens had gone public with a prediction that oil would rebound to $70 a barrel before Jan. 1. It was a wrong guesstimate, the Lone Star State oilman admitted.

"There is no question I miscalculated," he said.

A mild winter in America has hurt the energy sector all-around.

Still, Pickens told the newspaper his BP Capital hedge fund company was up 26% for the year. His energy vehicle rose 92% in 2006, he said.

He could not say when the oil rebound would take place, noting "it could happen any time."

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