T. Boone Pickens on CNBC

Pickens seems bullish on oil, wishes he weren't. It's funny (or not): just over a year ago when this video was made, T. Boone Pickens was predicting $70 oil. Little did he know that by July of 2007 oil would reach nearly $150 per barrel.

From the Video
Petroleum politics is creating shockwaves, while gasoline inventories are down. T. Boone Pickens joins us from Washington DC.IM bullish on oil. Inventory has gone down for seven straight weeks. The market is very tight. You have the Iranian situation. The market will still move on up for oil. You are looking at $70 per barrel, very soon. How much of the price of the oil comes from actual fundamentals, and how much actually comes from the current situation with Iran. I think it's 90% fundamentals and 10% the geopolitical situation with Iran. I think the gasoline market will stay tight. The refineries have been down longer than expected. The refinery infrastructure is old. The oil that's available is the low-quality low-grade high sulfur oil that nobody wants.