Thread: Pickens: U.S. Faces Disaster over Oil Wealth Exodus

Pickens: U.S. Faces Disaster over Oil Wealth Exodus

MoneyNews
Thursday, Feb. 21, 2008

One of America's most influential businessmen, legendary oilman T. Boone Pickens, says the nation's wealth is being plundered by oil exporters and the U.S. faces a potential financial disaster if our energy policy is not reformed.
Pickens, who correctly predicted that oil would top $100 a barrel, also says he expects oil prices to drop sharply in the near term.

Appearing on CNBC's "Squawk Box" Thursday morning, Pickens pointed out that the U.S. is currently sending half a trillion dollars out of the country each year to buy oil, in some cases from people who "are our enemies."

Said Pickens, "You take 10 years and you've got $5 trillion ... That's more than $1 billion a day.

"We can't stand that. Wealth is moving out of the country...

"Not one presidential candidate has addressed this … The candidates have to get up to speed on what energy cost is doing to our country." Pickens even turned on his own industry, oil, and called for an increase in alternative energy sources.

"If we do not get on the alternative energy bandwagon and if we don't have a global recession, we could be sitting on $150 oil in two years," he told CNBC.

Pickens touched on a number of other points:

Although he was originally against ethanol, Pickens now favors an increase in ethanol production, saying, "I'd rather have ethanol, and recirculate the money in the country, than to have it go out the back door on us."
"I think oil is going to back off," he said. "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."
Natural gas prices are too high and they can be expected to drop, according to Pickens, who is shorting both oil and gas.
Natural gas will become a "serious transportation fuel," Pickens predicted, adding: "We've got to get coal cleaned up and we've got to get natural gas into the transportation mix."
The U.S. should increase its use of solar and wind to meet the expected rise in electricity demand, locating those alternative energy sources in the Great Plains and "middle of the country," Pickens urged.
Barack Obama says the U.S. "should do bio diesel," said Pickens, "but that won't solve any problems."
He also said about Obama: "He talks about change. I haven't seen yet what he's going to change."
A windfall profit tax on U.S. oil companies would be "ridiculous," Pickens charged, saying: "You've got to keep the money in the industry."
Pickens originally backed Rudy Giuliani for president. Asked what happened to his campaign, Pickens said: "My guy rode up in front of the grandstand and fell off his horse. I've never seen anything come and go as fast as Rudy's campaign.
Pickens told CNBC he now backs John McCain for president. Asked if the Republicans can win the White House this year, he said simply: "Sure."

http://moneynews.newsmax.com/money/arch ... 105505.cfm

Makes Sense to me . Besides the oil wealth that Picken's speaks of we have Illegals sending their non-taxed pay to Mexico . Thanks Dubya for running us in the ground for the NWO .

Opposition to oil exploration and recovery in ANWR is one of the biggest factors behind current oil prices. The United States could easily precipitate a BIG decline in oil prices--and at the same time give a boost to the US stock market--which is always dogged by rising oil prices.

However, I do think we need to get off foreign oil--and the sooner the better. High mpg cars, electric vehicles, solar and windpower--would provide new industries and exportable products and get us out from under the jackboots of OPEC. In the meantime drilling in ANWR would significantly ease petroleum's prices and stave off a financial crisis in the US.

Originally Posted by Captainron

High mpg cars, electric vehicles, solar and windpower--would provide new industries and exportable products and get us out from under the jackboots of OPEC. In the meantime drilling in ANWR would significantly ease petroleum's prices and stave off a financial crisis in the US.

I am already there, I have solar panels on my house and a partly electric car.

If we had stabilized our population at 180 million people in 1960 by continuing to be restrictive over immigration, we would have absolutely no dependence on foreign oil. But then we would not have all the blessings of diversity either.

Is Caller ID an invasion of our privacy?

Should we have the right to make calls without being forced to reveal our identity?