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Time to bet on an oil crunch
Oct 14, 2008 04:03AM
Oil prices will keep rising, says billionaire investor Richard Rainwater - and he's putting money on it.
A few weeks ago, when the price of oil tested a low near $90 per barrel for the first time in many months, Rainwater decided that he had found the right reentry point. "I reinvested back in the oil business, and it's worked out really well for me," he told me the other day. "I bought Exxon (XOM , Fortune 500 ) stock under $75. I bought ConocoPhillips (COP , Fortune 500 ) under $68. I bought Pioneer Natural Resources (PXD ) under $50. I bought BP (BP ). I bought Statoil. I made a big bet on the sector. I bought a lot of stocks back."
Considering Rainwater's incredible track record investing in the oil patch, that's big news.