Pickens Hedge Fund Soars On Oil

Aug 23 2012 | 10:18am ET

T. Boone Pickens, who made his billions on oil, is adding to them on the back of the commodity this year.

Pickens' BP Capital is up double-digits this year, he told Reuters, thanks to its bets on black gold. "We've done well in the oil markets," Pickens said, and he plans to continue to do so.

"Right now, I would not short oil," he said, noting the hostile political rhetoric emanating from the Middle East. Pickens also said that he thought natural-gas prices should rise by almost half this year, despite his decision to dump BP's entire stake in Chesapeake Energy in the second quarter. The hedge fund retains a small gas position, Pickens said.

The 84-year-old told Reuters that he has no intention of retiring or returning outside capital. And he continued to push for a reduction in U.S. oil use, arguing that "properly-managed energy can bring back the economy."

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