Boone Pickens: U.S. In Energy Crisis
Posted on: Thursday, 12 June 2008, 21:00 CDT
HOUSTON, June 12 /PRNewswire/ -- Billionaire oilman T. Boone Pickens says energy is in a crisis in the U.S. and should be the No. 1 campaign issue for the presidential candidates. Pickens spoke at Oil and Gas Investor's Energy Capital Forum in Houston Tuesday.
"Energy is not a debate; it's a crisis for this country," Pickens said. "We cannot continue down the path were on. It's that desperate."
The 80-year-old former owner of Mesa Petroleum, which he sold in the mid-1990s, said the U.S. currently pays out $700 billion per year on oil imports and will increase to $10 trillion annually within 10 years if the pattern continues.
The energy crisis is a result of decades of lack of leadership that has led to a breakdown. Now, "somebody has to show up to fix it." He doubts the candidates understand the urgency of the circumstances.
Pickens chided Democratic candidate Sen. Barack Obama for "throwing around the windfall profits tax like a piece of balsa wood.
"I don't think the senator knows anything about energy. He sounds good for about two minutes."
Republican candidate Sen. John McCain received little more support. "I don't know how much he knows either. He wants to lower the gas tax during the summer. What the hell is he talking about? Will that fix anything?"
Pickens said he is not impressed by either candidate on energy issues and plans to elevate the issue into this year's presidential election campaign through a series of television ads talking about energy.
"I'm going to force this into this campaign. We'll see if I have the credibility to force it into the debate."
The price of oil is more likely to reach $150 per barrel before it reaches $120, he said, and believes that is a necessary event to force a change in thinking in the American mindset. "The more gas goes down the more you send a signal that there's enough and to buy more. It would be better for the country if the price goes up."
Americans must experience an attitude change to give everything a chance. He said there is "no question" that America must embrace alternate energy sources to alleviate the $700-billion transfer of wealth out of the country to oil imports.
"People are going to start to come to grips with change. This country is not going to go to its knees and get screwed in a bad deal," referring to oil imports.
Ethanol is "an ugly baby but it's ours and it will move cars," he said, emphasizing that he prefers the less-than-perfect fuel over imported oil. Biofuels, however, will never account for more than 10% of the U.S.' energy needs, he predicts.
For expanded coverage of T. Boone Pickens at Oil and Gas Investor's Energy Capital Forum, visit http://www.oilandgasinvestor.com/.
Headquartered in Houston, Hart Energy Publishing's market-leading publications include Oil and Gas Investor, E&P, PipeLine and Gas Technology and FUEL. Hart also produces newsletters, conferences, electronic media, and consulting services.
Press Contact: John Lauletta Marketing Director 713-260-6476 jlauletta@hartenergy.com
Hart Energy Publishing
CONTACT: John Lauletta, Marketing Director of Hart Energy Publishing,+1-713-260-6476, jlauletta@hartenergy.com
Web site: http://www.hartenergy.com/
Source: PRNewswire
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User Comments (2)
| 2. |
Posted by Sam Byrnes on 06/13/2008, 13:01 Pickens is saying what the American public must here. The fact that this nation is entirely dependent upon a declining resource heavily located in one of the most unstable parts of the world is flat out insane. The national security threat it poses should be more than enough to make this our nation's primary challenge, let alone the issues of trade deficits and global warming. We can blame speculators or Arabs or big oil or environmentalists, but ultimately we need to change. We have spent hundreds of billions on a war we can't win - but have yet to address out nation's achilles heal. It's time. |
| 1. |
Posted by Dan Swain on 06/13/2008, 10:38 It is terribly good of you to assist Mr. Pickens in his efforts to attain additional wealth. When he has accomplished forcing the ANWR open and then jumps out of the oil futures market causing the speculation bubble to collapse, what will you tell your readers then? Yes, energy is in a crisis. However it is a false crisis fabricated by Mr. Pickens by speaking at events like the Oil and Gas Investor's Energy Capital Forum and then the press publish his predictions as gospel. It's all very convenient and self serving. Good job. |
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