Thursday, April 17, 2008

Boone Pickens: ‘I Missed’

From MarketBeat:
(some un-named, underpaid, electron-stained wretch)
Posted by MarketBeat Staff [not the poobah -our ed.]

Texas oilman T. Boone Pickens said he expects the price of oil to rise “substantially higher,” reversing an earlier short position.

Mr. Pickens, the founder and chairman of Dallas-based BP Capital LLC, said in an appearance at Georgetown University that he had erred in predicting earlier this year that the price of oil would fall to $90 a barrel by the second quarter.

In fact, oil prices have edged upward, climbing over $115 a barrel before settling slightly lower at $114.86 a barrel in New York Mercantile Exchange trading Thursday.

The position is long, not short,” Mr. Pickens told reporters when asked about his current position after addressing a group of Georgetown students. “I covered the short position. It was a mistake on my part. I missed.”>>>MORE