T. Boone Pickens sees oil at $75 by end-2009

Wanna bring on another guru that most people begins to ignore. It's interesting that media devotes only one to two liners on crude oil forecast. One of the most difficult things to verify an old-investment* theses is when everybody is bearish. It's very difficult to find materials. We got to respect a man like this as he was firmed with his conviction that oil is going to go up when it was at $ 40 but making a target of $75. I hope to spend some time look at commodity complex this weekend scouring whatever old materials that I can find to make my own observations.

*Turtle's definition of old-investment includes dramatic price collapse (60-70%)

SANTA BARBARA, California (Reuters March 05, 09) - Texas billionaire oilman T. Boone Pickens on Thursday said U.S. crude oil prices will hit $75 by the end of 2009.

Asked at a press conference where he expected oil prices to go, Pickens said, "Up ... $75 by the end of the year."

Pickens made similar comments in early February.

Oil settled on Thursday at $43.61 a barrel. Prices were also in the low $40s a month ago when Pickens made the similar comments, down from last July's record high over $147.

http://www.reuters.com/article/reutersComService_3_MOLT/idUSTRE5247E220090305