Mr. Pickens is an oil Guru and CEO of BP Capitol. At the start of the interview oil was down $0.10 per barrel.
He reported that he did call that oil was going to reach $100 a barrel. He also state that we are experiencing a 30 year weather problem of just being COLD. He did say that in the 2nd quarter oil should decline approximately 10-15%.
To bring economics into the equation Boone said that we are spending .5 trillion dollars on oil in the next ten years. So that’s over a 1 billion per day. This is circulating big money to countries that the US is not in good standings. He was saying that the Presidential candidates needs to have a position on alternative energy. One candidate thought we should go to bio-diesel. Mr. Pickens said that candidate probably doesn’t know what bio-diesel really is!
Boone was saying in the next 10 years natural gas (NG) mix needs to be made for the transportation needs. Also coal, which we have an abundance, needs to be clean.
Mr. Pickens then did a little plug for his new company Clean Energy (don’t know the ticker symbol, if you want …Google clean energy).
Boone also goes on the say 75% of all oil is “state owned”, AND 5% of the people are using 25% of the available energy[could say it sounds like a bubble]. Talk shifted to “new-clear”and he said we need to start right away. Mr. Pickens said “we need to kill demand”. As our economy is slowing down, killing demand could spark a recession.
Boone Pickens is a Republican, and his support is now with McCain
He was saying that Barrak O. campaign is similar to Ross Perot.
Over the next 10 years the US is going to need 150000MW of power, how are we going to generate this energy? He stresses the Sweet Water Texas has the largest wind farm generation 1000MW of power. This power source has sparked the local economy. Oh, now it’s 9:00 CST and oil is down 1.05 while the DOW is up 38+. Traders listening to Boone got “spooked” by his call.
Tags: Alternative Energy, Boone Pickens, Wind
