In spite of a U.S.-led bombing campaign against ISIS in the Middle East, oil prices have dropped below $3 a gallon across much of the country in recent months. It’s an uncommon confluence of events that billionaire oil tycoon T. Boone Pickens said wouldn’t have been possible a decade ago.
“If this had been 10 years ago … you would've had oil up $50 a barrel,” Pickens, who has been dubbed “The Oracle of Oil” for his uncanny knack for predicting oil prices, told “Power Players” in a recent interview conducted at the Concordia Summit in New York City.
It’s quite a shift from just a few years ago in 2008, when gas prices across the country spiked to as much as $4 and $5 a gallon. And the reason for the change, Pickens said, has to do with a growth in U.S. oil production.
“The United States has changed the whole landscape for oil, I'm talking about globally,” he said. “We're using more oil, we’re using 92 million barrels in the world every day, and that's the most oil thatRead More »from Pumping for change: 'The Oracle of Oil' T. Boone Pickens on low gas prices and keeping them that way