Thread: Pickens: $300 Oil Unless U.S. Cuts Import Need

Pickens: $300 Oil Unless U.S. Cuts Import Need

Tuesday, July 22, 2008 1:54 PM

WASHINGTON -- Oil prices will hit $300 a barrel in 10 years if the United States fails to reduce its dependence on foreign imports, billionaire oil investor T. Boone Pickens said on Tuesday.

The United States imports nearly 70 percent of its oil now and Pickens said the world's top petroleum-consuming nation would import 80 percent in a decade if it does not aggressively tap its own natural gas and renewable resources.

"If we continue to drift, oil will hit $300 a barrel in 10 years," Pickens said during testimony at a Senate hearing.

Pickens who heads the hedge fund BP Capital, is building a 4,000 megawatt, $10 billion wind farm in Northern Texas that should start generating power in 2011.

He has been touring the country with a plan to cut oil imports by switching the use of domestic natural gas from firing power plants to powering cars. He hopes the federal government and private investors will build a massive wind farm system in the middle of the country from Mexico to Canada to replace the natural gas that would be used for transport.

There are some 8 million vehicles in the world that run on natural gas, but only about 140,000 of them in the United States, said Pickens, adding that he owns a Honda car that runs on natural gas he taps from his home line.

House Democrats were to hold a closed door caucus meeting with Pickens on Tuesday evening to discuss his plan to reduce U.S. dependence on foreign oil.

Pickens, a lifelong Republican, said he is not favoring either party in the upcoming U.S. presidential election, but will vote for the candidate with the best energy plan.

http://moneynews.newsmax.com/headlines/ ... 15172.html

I don't quite understand Pickens and the wind energy...especially since he's an oilman! He does, however, want to be Obama's Energy Czar!

I do know that wind energy farms were a tax shelter vehicle in the early 80's, and it looks like Pickens will be making a ton of money as the general partner of these limited partnerships (if that's his plan).

We have a bunch of these whirly birds just outside of Palm Springs, and they only generate 1% of Ca's energy supply; but they were all bought up in the 80's by rich cats who needed a tax shelter.

Ironically, Teddy Kennedy screamed and yelled a few months ago when he discovered that a wind farm was going up in Hyannisport...he didn't want his view ruined. And the wind farm was NOT installed!

And, oh yes...where are all the environmentalists? The wind farms are cuisineArts for the little birds!

The public is being sold a bill of goods by all of these charlatans! We are an oil based economy, and there's plenty of oil under our own nose. Nuclear is a good option, but it's twice as expensive and it's also years away! We need to drill right here...now!

Pickens is one of Bush's best buddies.
He's gone into wind energy and other federally subsidized " Alternate Energy " programs because the scum is feeding at the trough along with the utility companies to the tune of about 14 billion dollars in subsidies. These clowns were unmasked already ( but not specifically named ) by Dr Paul when he talked repeatedly about subsidizing the most profitable companies in the world.
Pickens is simply fear-mongering and cheerleading the price of oil along with the other speculators.