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Pickens says increasing oil, natural gas exposure

October 6, 2009

From Reuters:

Tue Oct 6, 2009 5:16pm EDT

Texas oil tycoon T. Boone Pickens said on Tuesday he has increased his long oil and natural gas position in recent weeks.

NEW YORK — “It’s not my personality to be short,” said the billionaire who has made his fortune investing in the oil sector.

Oil prices are likely to be around $75 a barrel by the end of 2009 and $85 by the end of 2010, Pickens said, but added that an economic recovery could boost prices much higher.

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