T. Boone Pickens is an interesting character. On Thursday he made several calls, including:
"I think oil's going to back off," he said, during an interview on Squawk Box. "The weakest quarter is the second quarter. We'll drop $10 or $15 a barrel in the second quarter. I think we'll be back above $100 in the second half of the year."
"I think natural gas prices are unusually high now, and I think they're going to back off, also," he added.
He is also hugely bullish on all sorts of alternative energy, although not as much on ethanol. Wind and solar will benefit Texas greatly, and can have a positive impact on the rest of the Midwest too.
The title of this post comes from the amount of capital that flows overseas to support our oil addiction. TBP noted that this is clearly unsustainable over any significant period of time, and I'm inclined to agree.
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