Redemptions are stacking up for famed oil investor T. Boone Pickens of BP Capital . Since the summer, 65% of investors in BP Capital have pulled their money out, fearing an additional collapse in oil and natural gas prices.
Pickens, who has made an estimated $3 billion in the oil markets, was recently quoted as saying, "
" GDespite the short-term movements in the oil market, the fact of the matter is that in the U.S., on average, a single American consumes 25 barrels of oil per year. Compare this with the fact that China and India consume only two barrels of oil per year per person. As time goes on and these less-developed nations improve their standards of living and internal economic efficiencies, the spot price of crude is like to skyrocket.
Let's see how T. Boone is playing oil now.
To read more,
Stockpickr is a wholly owned subsidiary of TheStreet.com.