Boone Pickens says natural gas the answer
Boone Pickens sees increasing energy prices as a major political issue going into November.
But in an interview on CNBC this morning, he said the three presidential nominees still in the race don’t get it yet, and that Congress isn’t paying attention, either.
“I talk to them. They don’t hear me. I know what I am talking about, though,” Pickens said. “What politicans think about is getting elected — not solving the energy problems in America. This will be a huge issue before election day.“Reducing taxes on gasoline in the summer? Is that an energy plan? Hell no, that’s no plan at all. I haven’t heard anybody say anything that they have impressed me that they know much about it.”Pickens reiterated his opinion that oil prices are continuing to climb because the world needs more oil than it can produce every day. “It is that simple — just the facts of supply and demand. That’s it.”He described President Bush’s trip to Saudi Arabia as a waste of time, saying that country can’t produce anymore oil than it is now, and that production in other countries around the globe also is headed down.
With prices at $100 a barrel, Pickens estimated the country would be paying out $600 billion a year during the next decade for its oil. If prices go to $150 a barrel — which Pickens said he now thinks likely — the number increases to about $900 billion a year.
At those rates, the country will go broke, he said. But Pickens does have a plan. He proposes using wind and solar power to generate electricity that is made today by burning natural gas. Then, he proposes using that natural gas to instead power the nation’s automobiles.
“We have only one fuel” that can reduce the nation’s imports, he said, adding that natural gas also is abundantly available in the U.S. Used properly, the fuel could reduce the nation’s oil imports by 40 percent, he said.
By Jack Money, Business Writer
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