Pickens bets U.S. natgas prices to rise after 2010

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Pickens bets U.S. natgas prices to rise after 2010

posted on Jan 20, 2010 09:06AM

Hi. Maybe you will find this interesting:

Pickens was bullish on natural gas after this year as he sees a recovery in the economy boosting demand for the clean fuel.

"I'm long natural gas, not in 2010, but out beyond 2010," he said. "As economic recovery occurs, demand will go up for natural gas. It is going to happen, it is just going to take a little while to get there."

Pickens also said oil prices, currently near $79 a barrel, could hit $90 a barrel this year and reach $100 a barrel in 2011.

"I think (oil) could get to $90 this year, and in 2011 $100," he said.

BETTING ON GAS

Pickens has launched a television advertisement campaign in support of his plan to convert automobiles and trucks to run on natural gas to cut dependence on foreign oil and boost domestic jobs.

Last July, U.S. lawmakers unveiled legislation that would provide incentives for the use of vehicles fueled by natural gas. The bill, which Pickens supports, may be taken up with climate or energy legislation some time this year.

"I think that legislation will pass before Memorial Day (May 31)," Pickens said.