Expect $3 accustomed gas in a year. Click blueprint for added prices.
LOS ANGELES (CNNMoney) — Accustomed gas prices may accept assuredly bottomed out, afterwards aerial about 10-year lows for weeks, said activity magnate T. Boone Pickens.
Prices accept boring started bit-by-bit aloft the $2 mark afterwards clearing beneath that akin aloof a brace of weeks ago.
“The amount for accustomed gas has smoothed out appealing good,” Pickens told reporters on the sidelines of the Milken Institute Global Conference in Los Angeles. “I anticipate it’s bottomed.”
Pickens said he wouldn’t be afraid to see accustomed gas prices at $3 in a year’s time. That would be acceptable account for companies such as Chesapeake Activity (CHK, Fortune 500), Devon (DVN, Fortune 500) and EOG (EOG, Fortune 500) that accept been aggravating to cut production.
These companies accept been bedfast by college oil prices back abounding accustomed gas producers accompanying aftermath oil from the aforementioned wells.
Pickens additionally thinks oil prices will abide to rise.
“I anticipate you’re activity to acquisition oil will get appealing bound this summer,” he said. “The Saudis don’t accept as abundant oil as they say they do.”
Pickens says that annihilation Saudi Arabia produces aloft 10 actor barrels a day will appear from accumulator and not new production. And it could appear aloof as appeal heats up.
Pickens forecasted prices for Brent awkward — Europe’s criterion — to hit $150 a by this summer.
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