03/28/2008 02:46 am ET | Updated May 25, 2011

Pickens Shorts Oil, Expects Prices To Fall

After correctly predicting oil's climb to more than $100 a barrel, legendary oilman Boone Pickens said Thursday he is shorting both the oil and natural gas markets in the belief that oil will stage a short-term pullback.

"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.

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