UPDATE: Here are some of our posts on Mr. Pickens via Google
UPDATE 2: Bespoke has the analysis of the year-to-date performance of B.P Capital Management's holdings:
T. Boone Pickens helped lift oil prices once again yesterday with his "$150 in '08" call on CNBC. For those interested, below we provide the holdings of Mr. Pickens' hedge fund at the end of the first quarter. As shown, just 5 of his 23 positions are down on the year, while the S&P 500 is down 3.32%. His top ten holdings are all up an average of 21.7% this year, with his top holding (OXY) up 27%. It's good times for energy funds....Go Here for the table.
Legendary Texas oil billionaire Boone Pickens says President Bush was wasting his time traveling to Saudi Arabia to ask for increased oil production.
"The Saudis claim they have more oil," Pickens told CNBC. "They don't. The President wasted his time to go to Saudi Arabia, to say, 'Give us more oil.' They can't give any more oil...they're stacking up the money as fast as they can stack it up."
Pickens expects the price of oil to continue rising.
"Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87 million," he said. "It's just that simple. It doesn't have anything to do with the value of the dollar."
He expects the price of a barrel of oil to reach $150 this year, and he insists speculation has nothing to do with it.
Buying oil is draining an enormous amount of money from the United States, he says.
"We are now paying out...an estimated $600 billion a year for oil," he said. "It's four times the cost of the Iraqi war, and not one of the politicians running for president has anything to say about it. I don't know whether they don't know it, or they don't want to mention it.">>>MORE, including the video.