Oil mogul and billionaire T. Boone Pickens, who accurately predicted that the price of oil would rise to $100 a barrel, said Thursday that both the oil and natural gas market price will decrease.
"I think oil's going to back off," he said, during an interview on Squawk Box. "The weakest quarter is the second quarter. We'll drop $10 or $15 a barrel in the second quarter. I think we'll be back above $100 in the second half of the year."
"I think natural gas prices are unusually high now, and I think they're going to back off, also," he added.
Pickens, the chief executive officer of BP Capital LLC, said he is in support of alternative energy, saying half a trillion dollars a year is going out of the country to buy oil.
"We've got to get coal cleaned up, and we've got to get natural gas into the transportation mix," he said.
The oil tycoon recently acquired 99,372 shares on Dec. 31, paying between $64.97 and $73.21 a share, according to regulatory filings.
Pickens owns 21 stocks, most of which are in the oil and energy industry, with a total value of $1.4 billion.
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