Behind every billionaire there is a story!

Pickens: Oil prices heading back up

When billionaire oilman and investor T. Boone Pickens launched his plan this summer to boost the use of wind and natural gas to ease American dependence on foreign oil, U.S. gasoline prices were at a record $4.11 a gallon and oil prices were at $147 a barrel.

Now oil prices are at a 20-month low, falling to $59.33 a barrel on Tuesday, and gasoline prices have plummeted to below $2 a gallon in many parts of the country.

“I think I’ve done a pretty good job,” he said, generating a laugh at the annual Edison Electric Institute convention of the nation’s power executives.

Pickens acknowledged later at a news conference that there is more than one factor for the collapse of oil prices, including the slowing economy that many analysts say has gone into a recession. Now with oil prices down, Pickens has said he has reduced what he planned to spend on his campaign — trimming spending to $40 million to $50 million from his initial plan of about $60 million.

read the rest published by CNBC here:

http://www.cnbc.com/id/27668794/for/cnbc/