During an appearance on FOX Business Network’s Mornings with Maria Bartiromo, T. Boone Pickens, BP Capital Management Chairman said we should take advantage of America’s energy, as it is the cheapest in the world. And he warned that U.S. consumers are becoming too complacent with cheap gasoline prices because he believes oil will rebound to the $70 per barrel level by the end of the year.
Watch the interview at foxbusiness.com: T. Boone Pickens: $70 Crude Oil Coming
T. Boone Pickens recently spoke with SAFE CEO Robbie Diamond for an episode of his podcast. Here are five takeaways from their discussion about energy in the U.S.
Americans Need a Choice at the Pump
For over a century, crude oil has enjoyed a monopoly as the fuel of choice in our nation’s transportation sector. Most passenger cars run on gasoline, and almost all big rigs are powered by diesel, which also comes from petroleum.
Yet We Have Choices When It Comes to Electricity
Unlike the transportation sector, America’s power plants run on a variety of different fuels: coal, natural gas, nuclear power, hydropower, wind energy, and solar power. There are numerous choices and a lot of competition.
Are There Ways We Can Get More Choices at the Pump?
Definitely. The U.S. is a global leader in natural gas production. Not only does natural gas power passenger cars, but it is the only alternative fuel that can power an 18-wheeler.
Is the Technology in Place?
Definitely. There are plenty of countries around the world where filling stations offer gasoline, diesel, and natural gas. And a lot of major corporations such as AT&T, FedEx, and UPS are turning to natural gas to power their truck fleets.
Then What’s Lacking?
Leadership! Washington would rather keep us addicted to foreign oil than put a plan together to power our country forward with a broad base of domestic energy choices.
Check out www.energyfuse.org, a new energy news and information site with analysis, interviews, and more.
Download this and other podcasts from the T. Boone Pickens Channel on AudioBoom or iTunes.
In his latest article for LinkedIn, T. Boone Pickens shares his insights on the state of the oil and gas industry.
“If you take a longer look — which is what I’m paid to do – the future of the oil and gas industry isn’t that bleak. For the first time in 40 years, we’ve got OPEC on the run. The smaller producers, countries like Venezuela and Iran, want to cut back production and push the price up. But Saudi Arabia won’t have any of that. They want to undercut everyone, especially America’s oil and gas industry in the Dakotas and in Texas.
“Meanwhile, the U.S. has become the world’s swing producer. Thanks to our ability to ramp up production, America is playing a key role in setting the price of oil. That hasn’t happened in decades.”
Read the full article on LinkedIn: State of Oil & Gas: Swinging Oil Prices Are Nothing New. (Trust Me, I’m 87.)