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that in 10 years we will import no oil from the Middle East or Venezuela.
The only thing missing for the past 40 years is leadership.
Boone Pickens said he is struggling with failing health after a series of strokes during Christmas that briefly hampered his speech.
In a candid and personal post on Linked In on Thursday, the 89-year-old wildcatter said he has regained “90 percent” of his speech after “a little determination and some aggressive speech therapy,” but he said a fall last week resulted in his hospitalization. The oil magnate said the recent episodes have forced him to acknowledge his mortality: Just a year ago I felt immortal, wearing my age with pride, even joking about it.
However, what Pickens underestimated was the resilience of U. shale producers, which have emerged as the biggest headwind to the stability of energy prices.
Although new oil sand projects are not as cost-competitive as shale or conventional oil projects, Sunoco has one of the lowest cost of production for existing oil sand projects.
Pickens predicted that oil prices would return to 0 levels within 12 to 18 months because the Organization of the Petroleum Exporting Countries would eventually slash crude output.
Check out: Oil at 6-week highs as traders eye supplies, key producer meeting Although, he was right on that point, OPEC and major oil producers, including Russia, have pledged to limit oil production through 2018, a pact forged late last year and recently extended.
The tycoon made billions in the oil, natural gas, and renewables business, but fell off the Forbes billionaire’s list in 2014.
He’s also known for making bold, bullish calls on crude-oil prices after the commodity crashed from its 2014 peak.
Although Pickens sold out of his oil positions near the price bottom in February (saying at the time that he was waiting for the most opportune moment to get back in), Pickens has since re-upped his exposure to several names in energy and his fund has done well because of it.