The U.S. has more oil equivalent than Saudi Arabia when including reserves of natural gas, T. Boone Pickens, the billionaire energy investor, said today in an interview on CNBC.
Production of gas from shale formations is “getting there pretty fast,” said Pickens, chairman of BP Capital LLC in Dallas.
Further unrest in the Middle East could send oil prices higher, Pickens said. “If the Saudis go down, you’re looking at $300 to $400 oil,” he said.