If there is one name that is synonymous with oil in Texas, then that name has to be T. Boone Pickens, the oil billionaire. Even though there has certainly been some faltering in oil around the world, he feels that it doesn’t mean the end of the industry by any means. Pickens is 86 years old, and he’s seen this sort of thing happen before, and he came through it just fine. He believes that panicking is exactly the wrong thing to do at this time. He doesn’t feel that Texas is in danger of falling into a recession, and he truly believes that the oil price is going to recover. Already, we’ve been seeing signs of this.
What does Pickens think? Even though we do have an oil surplus right now, he still believes that the price of oil will once again hit $70 a barrel, and he feels this will happen by the end of the year. In fact, he also believes that it will not stop there. He sees it going up to around $100 in the next year and a half. Already, the prices are up, so he could be correct in his assessment. It’s not merely his association with the industry that has him believe this; it is also his experience and simply having knowledge of the way the field works.
While we have a record supply of oil right now, consider the fact that many of the companies have been cutting back a bit on production lately. This means that the surplus is eventually going to go away, and that the prices will have to start going up again. It’s all a matter of supply and demand. He sees this as a slowdown that will turn around before very long.
Many others in the field feel much the same way. They know that times for the industry might seem tougher than normal right now, but they also see the light at the end of the tunnel. That light is getting closer too. Those who are in the field know how to endure, and it should not be too much longer before the prices start to go up. Things will be getting back to normal sooner rather than later if T. Boone Pickens believes it so. With his experience, there is really little reason to doubt him, especially when it comes to oil.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks Manufacturing, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Service, Quincy Air Compressors. We are a complete Drilling Equipment Manufacturer and build to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.