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Boone Pickens: $3/gal gas? + Canada's oil sand.

by Angeline Booher / January 22, 2006 11:41 PM PST
NEW YORK (CNN/Money) - Gasoline prices, reversing a two-month slide, are again approaching records and at least one expert thinks they could hit $3 a gallon soon in the United States.

"We'll see it within a year," T. Boone Pickens, head of the billion-dollar hedge fund BP Capital Management, said on CNN's "In The Money" over the weekend.

Pickens noted the discrepancy between $2 a gallon gas in the US and $5 a gallon gas in Europe. "The energy situation is global," he said. "I know there are taxes involved in the pricing...but eventually it's going to have to move up."

While the oil reserve numbers for Saudi Arabia are under scrutiny, Canada has recoverable reserves of roughly 175 million barrels. Much of it is in oil sand that is processed profitably at oil prices of $20 or higher. Billionaire oilman T. Boone Pickens thinks that Canada?s oil sand production could reach 6 million barrels a day.

I heard Mr. Pickens discussing Canada's oil sand, in which he has personally invested $50 million. he said that he believed Canada had more oil reserves than Saudi Arabia, and that their oil could provide the needs of the USA for 100 years.

(I just can't recall the program, so I don't have a link.)

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Collapse -
Bit of an understatemant...
by EdH / January 23, 2006 12:05 AM PST
"I know there are taxes involved in the pricing."

No kidding! That's what accounts for the differences from country to country in almost all cases.
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He just had a long interview
by Dan McC / January 23, 2006 12:23 AM PST

on NPR the other morning. It might be there.


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