 |
Pickens sees $300 oil unless U.S. cuts imports
Timothy Gardner
Reuters
Wednesday, July 23, 2008
WASHINGTON — Oil prices will hit $300 US a barrel in 10 years if the United States fails to reduce its dependence on foreign imports, billionaire oil investor T. Boone Pickens told U.S. lawmakers on Tuesday.
The U.S. imports nearly 70 per cent of its oil and Pickens said the world’s top petroleum-consuming nation would import 80 per cent in a decade if it does not aggressively tap its own natural gas and renewable resources.
He testified as the Senate planned to debate energy legislation amid calls for more drilling to help lower oil prices which hit a record $147 a barrel this month.
Pickens is pushing a plan under which domestic natural gas supplies would be used to power cars instead of electrical power plants. The federal government and private investors would build a massive wind farm system in the middle of the country from Mexico to Canada to provide electricity.
Pickens, who heads the hedge fund BP Capital, stands to benefit from such a program. He’s building a 4,000-megawatt, $10-billion wind farm in northern Texas that should start generating power in 2011.
Industry group the American Wind Energy Association (AWEA) has said the Pickens plan could work if the government renews the production tax credit for renewable energy, preferably for longer than a year or two.
Growth in U.S. wind power has been dramatic. Preliminary figures show the United States in July may have surpassed Germany as the world’s largest generator of wind power, AWEA said.
“We’re on track to doing that, if it hasn’t happened already,” an AWEA spokes-person said.
Prison
Planet.tv Members Can Watch
Fall Of The Republic
Right Now Online -
Don't Miss Out! Get
Your Subscription Today!
CANCER CONSPIRACY? Are
"they" suppressing the cure? Will YOU
be the next victim? Learn
the Secret Truth! - READ FULL STORY
-
- Social bookmarks
- Email this article
-
- Print this page
10 Responses to “Pickens sees $300 oil unless U.S. cuts imports”
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | |||||||
| By N2H | |||||||||||||||||||||||||||||||||||||||||
July 23rd, 2008 at 10:03 am
I don’t care waht anybody says, wind farms and solar energy are supplemential NOT a primary source of energy. I saw a film where a hospital in Africa has solar energy and a generator. They asked what would run without the generator and it had enough to run either the refrigerator (for blood and other medical supplies) or the surgical euipment, incubator, shock system. But not both! Yeah global warming is to save the third world… NOT!!! It’s eugenics pure and simple.
July 23rd, 2008 at 11:15 am
Hey freedom lost if you are who you say you are then you KNOW that the war in Iraq was NOT over oil but instead it was that Iraq was no longer using the dollar as the currency of exchange.
You should also know that in the early 70’s ARCO discovered enough oil in Alaska to supply the U.S. for 200 years! which has been capped ever since. But of course I agree with you on the fact that Bush is a lieing pig like most of the presidents we have had in the last 100 years!!!
(google Linsey Williams)
July 23rd, 2008 at 4:49 pm
It wasn’t about profiting off Iraq’s oil, it was about turning it OFF and making there non-Iraqui oil more profitable. The oil will still be there, nothing is being technically stolen, just unused. Get your facts straight, just saying it was about oil is too vague, you have to explain to people WHY…
July 24th, 2008 at 11:41 am
Pickens is right, natural gas is cheap, abundant and pollution free. This option can save us from imported oil dependency. Cars do not need to run on oil. They can run on electricity, natural gas and water (hydrogen). These options have been suppressed by the oil industry and it’s cohorts.
July 24th, 2008 at 3:52 pm
Most forget the bulk of our oil is not used for our transportation, but for corporations. Industry. The world kept spinning for eons before we depended on only one product to keep it going. Many alternate fuels have been formulated, however big bro usually has them ‘eliminated’. History. The fact is the corporations who run the world refuse to allow another industry to compete with their agenda. This means to have the entire population their slaves.
July 24th, 2008 at 3:59 pm
My boyfriend has cousins in Texas who work on the oil rigs. He said the oil they get in Texas sells for the same as the barrels of oil we import. I was born and raised in North Dakota. 40+ yrs.. They’ve had oil fields there for 40 yrs. My family pays only a few peenies less per gallon than I do in So Cal. Why is our own oil costing us the same??
July 24th, 2008 at 5:24 pm
http://www.youtube.com/watch?v=1V5iCUBEUx4
Do not accept what is happening-
July 25th, 2008 at 7:42 am
Hmm, big oil man advocating wind farms. Fishy. He profited all these years from oil, oil is expensive, so he advocates wind? Disloyal? The Rural Electric Authority had wind generators for farms in the 1930s. Auction off the last barrel of oil on Earth to the highest bidder, then mass market the next expensive energy devices they bought up the patents for in the 1960s, fuel cells. But no one can build one in his backyard. Burn the last gallon of gas and get it over with then ride horses? Watch the movie Cold Mountain, they didn’t have electricity and they seemed fine before the war. Ride bikes and get healthy, infinite mpg and reduce your waistline at the same time. CNG for cars? Radical idea! Already got um: Ford Crown Victoria CNG. It’s war, time to nationalize America’s oil fields. In Venezuela where gas is under a dollar the Venezuelan people benefit. Oil is created from the Earth, oil men pump it up. They should pay the people, it is a resource of the Earth on American soil. Congress, declare all American oil fields belong to the American people. Confiscate and commandeer, nationalize, gas for under a dollar! Pay oil company a set fee to refine it only.
July 25th, 2008 at 10:37 am
Why so little? According to what I can gather, this $300 per barrel figure is actualy LOWER than the likely increase in inflation. It is the lessing of the value of our dollar which, all other things being equal, will cause the $300 dollar per barrel figure (see below). I checked the amount a notional price of $150 per barrel oil would be in 10 years using 7.5% as a notional “true” inflation rate and got a figure of about $309 per barrel.
“Rudolph-Riad Younes, a co-manager of the Julius Baer International Equity Fund, told Barron’s magazine this month that if the government counted home prices and energy correctly, the real inflation rate would be between 7 percent and 10 percent.
John Williams, a Dartmouth-trained economist who works as a consultant for a number of Fortune 500 companies, says the only reason the inflation rate is so low is because the Reagan and Clinton administrations rewrote the way the CPI is calculated.
In his monthly online newsletter Shadow Government Statistics, Williams has painstakingly attempted to recreate the inflation rate using its older guidelines. Under his calculations, inflation is actually running at an annualized rate of 9.95 percent.”
http://www.signonsandiego.com/.....flate.html
(Above web site’s statistics derived from: http://www.shadowstats.com/)
July 28th, 2008 at 9:37 am
The oil will be 300$ just in 1.5-2 years time. I have a feeling that Pickens is playing short on oil & this talk of oil 300$ in TEN-YEARS is attempt to reduce it’s immediate price! Tell me will you find something attractive if I tell you that without adjusting to inflation something will get doubled in ten years from now?