Pickens was able to play with the energy market because he realized his powerful influence in this market, and through bold and accurate "predictions" again and again, he speculated on various related events, deepened his relationship with the Party and further enhanced his influence.
In May 2004, when the futures price of new york crude oil hovered at $40/barrel, pickens boldly predicted that the international oil price would rise above $50/barrel in an interview with NBC. At that time, public opinion generally believed that oil prices would fall below $35/barrel. But it turns out that he is right. In 2005, he continued to sing more. With the help of Hurricane Katrina, the price of crude oil soared by 37%, and pickens recorded $65,438+$50 million that year. In September 2007, he told the American Consumer News and Business Channel that the oil price would exceed $65,438+000/barrel. In an interview with Reuters last July, he once again boldly predicted that the international oil price would return to the high of $0/47 per barrel in 2008 after three years due to the limited increase in oil production.
The rise in oil prices not only increased the income of BP commodity funds, but also pushed up the price of energy stocks, making BP equity funds naturally earn a lot of money. Pickens also aggressively shorted stocks in chemical, rubber, glass and other industries hit by rising oil prices. In 2000, pickens's investment income reached 5000%, setting a new world record.
Because of his influence in the oil market, pickens was called "God of Oil" by people in the industry, and entered the Forbes list of the 400 richest people in the United States. As of September 2008, pickens's personal net worth reached 3 1 billion USD. He claimed to be the "luckiest old man" in the world today, and admitted that he earned more money after 70 years old than before, and the personal income tax paid after 70 years old accounted for 75% of the total personal income tax paid in his life.