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(T. Boone)Pickens: U.S. Faces Disaster over Oil Wealth Exodus
moneynews.com ^
| Feb. 21, 2008
| staff
Posted on 02/21/2008 9:59:47 PM PST by kellynla
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.
(Excerpt) Read more at moneynews.newsmax.com ...
TOPICS: Business/Economy; Extended News; Foreign Affairs; Government
KEYWORDS: bigoil; energy; exodus; oil; opec; tboonepickens; unleaded
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He also said about Obama: "He talks about change. I haven't seen yet what he's going to change...Pickens told CNBC he now backs John McCain for president."
1
posted on
02/21/2008 9:59:48 PM PST
by
kellynla
To: thackney
2
posted on
02/21/2008 10:00:05 PM PST
by
kellynla
(Freedom of speech makes it easier to spot the idiots! Semper Fi!)
To: kellynla
He’s an interesting man. Be careful following him on trades, though. He didn’t become a multi-billionaire by giving away his ideas for free.
3
posted on
02/21/2008 10:02:02 PM PST
by
oblomov
To: kellynla
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."Did Boone just wake up from a 20-year coma?
4
posted on
02/21/2008 10:05:21 PM PST
by
Rudder
To: oblomov
I’m not opposed to the resurrection of manifest destiny (MF part II)—in South Am.
Everyone does what they need to do to survive, and we will as a nation.
That’s why it’s always important to keep Cortez handy.
And as always in tough times, make sure the heel of your foot is firmly planted on the face of those below you and don’t be afraid to push them into the stink.
5
posted on
02/21/2008 10:07:27 PM PST
by
kbingham
To: Rudder
"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."What I've wondered lately is why these high oil prices haven't stimulated some domestic production like the boom of the 80's.
6
posted on
02/21/2008 10:10:25 PM PST
by
VR-21
To: kbingham
I’d settle for a rigorous application of the Monroe Doctrine.
7
posted on
02/21/2008 10:10:53 PM PST
by
oblomov
To: Rudder
Not to mention it is not a dead weight loss to the economy. Energy is an intermediate good - we use it to produce things. Assuming we continue to innovate and lead in critical sectors so that we produce the high value added things - the high cost of imported oil alone is not such a problem.
8
posted on
02/21/2008 10:13:28 PM PST
by
Wally_Kalbacken
(Seldom right but never in doubt)
To: kbingham
I hear Caracas is lovely in the spring. Our spring, their fall. You know what I mean.
To: kellynla; thackney; Dog Gone; Grampa Dave
"Pickens even turned on his own industry, oil, and called for an increase in alternative energy sources.He knows better than this! He knows that there's never been and probably never will be anything more efficient and economical than petroleum energy with the exception of nuclear... He know this and tries to send everyone else tilting at the windmills and bioenergy, etc., etc., etc...
10
posted on
02/21/2008 10:16:37 PM PST
by
SierraWasp
(McCain's NOT a RINO! He's a CONTRA CONSERVATIVE!!! (he's also contra-constitutional like Schwartzen-)
To: kellynla
Domestic oil drilling throughout the North American continent, both inland drilling and offshore drilling, and the building of many new oil refineries all over the North American continent will truly drive down the prices of oil! This should of been done years ago, and political correctness (Thank you, environmentalist wackos!) continues to truly prevent this from actually being done up to this day and counting!
11
posted on
02/21/2008 10:16:58 PM PST
by
johnthebaptistmoore
(Vote for conservatives AT ALL POLITICAL LEVELS! Encourage all others to do the same on November 4!)
To: kellynla
Personally, my "stimulus package" rebate will pay about 6 weeks worth of winter heating bills, and goes straight to Ahmadinejad in Iran.
12
posted on
02/21/2008 10:19:38 PM PST
by
JasonC
To: oblomov
Be careful following him on trades, though. He didnt become a multi-billionaire by giving away his ideas for free.Well, he was right on in early 07, calling for oil to go north of $75 to $80, when it was trading in the low $60's.
To: VR-21
Because it is practically illegal to drill for oil in the US, and all the other major energy reserves have likewise been designated "national monuments" and put off limits to development of any kind. Greens don't want cheap energy, they don't want expensive energy, they don't want development around people because that is someone's back yard, and they don't want development away from people because that is "wilderness", they don't want development, they want 95% of the population to die off and the rest to revert to a hunter-gatherer existence, all to save their goddess Gaia.
14
posted on
02/21/2008 10:23:12 PM PST
by
JasonC
To: VR-21
What I've wondered lately is why these high oil prices haven't stimulated some domestic production like the boom of the 80's.Me too.
Here, in SE Ohio, oil can and has been big business. When the money's right this place will fill up with wildcatters. I know many of them and get the same answer: The US govt non-public policy is that we will wait for everyone else to use up their oil. This is enforced by lack of govt-stimulating tax relief and other measures which would support more local drilling. Here, we know where the oil is (Hell, I'm trying to get well dug on my property, cause I'm loaded with lots of gas and some oil) and there is some drilling going on, but not more until the govt. policy shifts.
15
posted on
02/21/2008 10:24:53 PM PST
by
Rudder
To: Wally_Kalbacken
Not to mention it is not a dead weight loss to the economy.Right.
16
posted on
02/21/2008 10:27:39 PM PST
by
Rudder
To: Norman Arbuthnot
Yes, now he says he is short oil. I think he’s probably right.
17
posted on
02/21/2008 10:28:18 PM PST
by
oblomov
To: SierraWasp
18
posted on
02/21/2008 10:29:05 PM PST
by
rockinqsranch
(Dems, Libs, Socialists...call 'em what you will...They ALL have fairies livin' in their trees.)
To: Republic of Texas
Caracas is north of the Equator. But it is tropical, so not much seasonal change to speak of.
19
posted on
02/21/2008 10:30:04 PM PST
by
oblomov
To: JasonC
Because it is practically illegal to drill for oil in the US, and all the other major energy reserves have likewise been designated "national monuments" and put off limits to development of any kind.I think the RATs and Greenies should pay more for gas. Hell they should walk everywhere and leave the gas for us.
Regards
20
posted on
02/21/2008 10:30:13 PM PST
by
ARE SOLE
(Agents Ramos and Campean are in prison at this very moment.. (A "Concerned Citizen".)
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