April 13, 2010

Boone Pickens: Oil Will Rally Further

T. Boone Pickens sees room for oil prices to rally another 10 percent, as supply isn’t keeping up with demand. Pickens also predicts President Barack Obama's offshore drilling plan will have little impact on prices and output.

"All the world can produce is 85 million barrels a day, projections are now that you’ll need 86 to 86.5 million barrels a day, this is going to move up."

Related ETF`s: United States Oil Fund LP (ETF) (Public, NYSE:USO) and iPath S&P GSCI Crude Oil Total Return (Public, NYSE:OIL)

Related Stocks: Murphy Oil Corporation (Public, NYSE:MUR), ConocoPhillips (Public, NYSE:COP), Marathon Oil Corporation (Public, NYSE:MRO) and Suncor Energy Inc. (USA) (Public, NYSE:SU)

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