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View Full Version : Boone Pickens prediction failure.


Jerk
9/11/2008, 03:58 PM
Remember when he said that oil would never again go below $100/bbl?

It did, today.

http://www.bloomberg.com/markets/commodities/cfutures.html

Please tell me that the money for the BPS athletic department is somehow tied up in this! I know he didn't just give them the money, and a lot of it is invested.
sooner_born_1960
9/11/2008, 04:34 PM
It's all in his hedge fund.
Mixer!
9/11/2008, 06:13 PM
There's a reason they haven't started construction on their WORLD CLASS A#1 indoor facility yet, ya know? :pop:

[lurking]
tommieharris91
9/11/2008, 07:16 PM
Remember when he said that oil would never again go below $100/bbl?

It did, today.

http://www.bloomberg.com/markets/commodities/cfutures.html

Please tell me that the money for the BPS athletic department is somehow tied up in this! I know he didn't just give them the money, and a lot of it is invested.

His hedge fund isn't doing well this year. He's been on the wrong side of the oil trade all year long. Also, crude oil got real close to falling under $100, but didn't. My best guess is that it falls under $100 tomorrow. It's unlikely consumers see any of that price fall until Ike leaves the coast.
Vaevictis
9/11/2008, 08:15 PM
Remember when he said that oil would never again go below $100/bbl?

It did, today.

FWIW, the standard oil quote is for WTI (West Texas Intermediate Crude). It didn't close below $100, but it's damn close.
sooneron
9/11/2008, 08:22 PM
OPEC announced they are cutting prod by 500k bb. I would imagine the market will soon reflect that. MY guess would be around $15-20.
Jerk
9/11/2008, 08:38 PM
OPEC announced they are cutting prod by 500k bb. I would imagine the market will soon reflect that. MY guess would be around $15-20.


Yeah, but I read that the Saudis walked out, and said they weren't going to cut production.

I wish I had that link...

I don't think the Saud's want us to drill for our own oil.
Vaevictis
9/11/2008, 08:51 PM
More like they don't want oil to be expensive enough that it makes economic sense to develop alternative energy.
royalfan5
9/11/2008, 08:51 PM
His hedge fund isn't doing well this year. He's been on the wrong side of the oil trade all year long. Also, crude oil got real close to falling under $100, but didn't. My best guess is that it falls under $100 tomorrow. It's unlikely consumers see any of that price fall until Ike leaves the coast.A lot of Hedge Funds are doing poorly this year. A big one just folded last week, and it won't be the last. I really picked the wrong ****ing time to get into this business.
bluedogok
9/11/2008, 09:18 PM
I don't think the Saud's want us to drill for our own oil.
I think that was part of the motivation why oil was so cheap for so long, to effectively starve the domestic oil industry during the 80-90's to the point where if prices were to go up again that the domestic industry couldn't respond.
Jerk
9/11/2008, 09:28 PM
I think that was part of the motivation why oil was so cheap for so long, to effectively starve the domestic oil industry during the 80-90's to the point where if prices were to go up again that the domestic industry couldn't respond.


Yeah, I've thought about that, too.

I actually like Boone's promotion of using natural gas for cars. I don't see why it shouldn't be done.
texas bandman
9/12/2008, 01:52 AM
More like they don't want oil to be expensive enough that it makes economic sense to develop alternative energy.

Right on...keep us tied to the teet.
sooneron
9/12/2008, 07:14 AM
Yeah, but I read that the Saudis walked out, and said they weren't going to cut production.

I wish I had that link...

I don't think the Saud's want us to drill for our own oil.

That is true. It now looks like Ike will beat the sheeted crew to the punch, as far as prices are concerned.
Okla-homey
9/12/2008, 09:52 AM
I wonder if he is peeing forks because OU is inked a deal to be all wind-powered by 2012 while Pickens University has yet to do so?
mdklatt
9/12/2008, 09:55 AM
I wonder if he is peeing forks because OU is inked a deal to be all wind-powered by 2013 while Pickens University has yet to do so?

Fixed.

OU beats oSu once again.
CK Sooner
9/12/2008, 09:56 AM
I wonder if he is peeing forks because OU is inked a deal to be all wind-powered by 2012 while Pickens University has yet to do so?

Come On Boone!!!! :texan:
Tulsa_Fireman
9/12/2008, 10:42 AM
Oil folks, I got a question.

We all hear the "drill drill drill!" mantra from the right, and that's all well and good in regards to overall supply. But given domestic oil production, is any of it mandated to STAY in the U.S.? As in not be traded on the open market?
tommieharris91
9/12/2008, 11:20 AM
Oil folks, I got a question.

We all hear the "drill drill drill!" mantra from the right, and that's all well and good in regards to overall supply. But given domestic oil production, is any of it mandated to STAY in the U.S.? As in not be traded on the open market?

It isn't mandated, but US demand for oil is so high that the US refineries buy it up. Less than 1% of domestic oil is exported.