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Pickens: Oil production has peaked

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Speaking in a Senate committee hearing, the legendary Texas oilman T. Boone Pickens said that world crude oil production has topped out.

"I do believe you have peaked out at 85 million barrels a day globally," he told the Senate Energy and Natural Resources Committee Tuesday, according to Reuters.

He noted that the United States is consuming "21 million barrels of the 85 million and producing about 7 of the 21, so if I could take just a minute on this point, the demand is about 86.4 million barrels a day, and when the demand is greater than the supply, the price has to go up until it kills demand."

And when Mr. Pickens speaks about energy, the world listens. His ability to read markets has vaulted him into the ranks of the world's wealthiest people. His hedge fund, BP Capital, manages more than $4 billion in assets.

He's put his money where his mouth is. He is currently at work planning the world's largest wind farm, in West Texas.

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