Boone Pickens sees oil rising, bets on Bush for White House

Energy investor T. Boone Pickens participates in the Washington Ideas Forum, in WashingtonBy Svea Herbst-Bayliss LAS VEGAS (Reuters) – Billionaire investor T. Boone Pickens, who cemented his fortune with bets on oil companies, said the price of oil would likely hit $75 dollars a barrel by yearend as demand revives. The octogenarian corporate-raider-turned-hedge-fund-investor also mused about politics, saying he has put his money on former Florida Governor Jeb Bush. He complained about gridlock in Washington and called Democratic presidential hopeful Hillary Clinton a “loser.” At age 86, Pickens packed a ballroom at the annual SkyBridge Alternatives Conference, or SALT, where hedge fund managers and investors are meeting to talk markets and politics and later held court for a group of journalists. Talking about what he knows best, Pickens said the price of oil would climb because demand has picked up anew, with worldwide demand hovering around 1.5 million barrels a day, up from 660,000 barrels a day in 2014.

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