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Legendary oil man T. Boone Pickens warns supply constraints could send oil prices back to all-time highs by this summer.Pickens sent this warning to CNBC’s Larry Kudlow today.
“I don’t know how much is up. I think you can very well see the old high— $148,” he said. “I’m not saying WTI — our price here in the United States — will go up to $148. It’s been very stable around $100.”
He argued that increased production from Saudi Arabia would not be able to offset the impact of tighter supplies caused by Iran sanctions.
Pickens believes that high prices might finally motivate the U.S. to reduce its reliance on high priced OPEC oil.