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Here’s all you need to know about how high oil prices could get: A guy who makes money off oil is starting to invest in other things.
Billionaire hedge-fund manager Boone Pickens said oil will reach $150 a barrel this year because supply isn't keeping up with demand.
Producers are ``running out of oil,'' Pickens, the founder and chairman of Dallas-based BP Capital LLC, said on CNBC.
Pickens's BP Capital Energy Equity Fund fell 14 percent in the first two months of the year amid soaring prices for natural gas and crude oil. He told CNBC on Feb. 21 that he was short on both oil and natural gas. A short is a bet that prices will fall.
Pickens also announced that he has a 10 million share stake in Yahoo and supports Carl Icahn’s proxy fight for control of the company.
Pickens also reportedly is spending $2 billion to build a 667 wind turbine-strong wind farm in Texas. That would translate to roughly 1,000 megawatts of electricity, or enough to power about 300,000 home.
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