Home
T. Boone Pickens warns of $300 oil
Philadelphia News.Net
Tuesday 22nd July, 2008
Billionaire oil investor T. Boone Pickens has told legislators that oil prices will hit US$300 a barrel in 10 years.
Mr Pickens said if the United States failed to reduce its dependence on foreign imports, it would need to import 70 percent of its oil in the next decade.
He said the US would need to aggressively tap its own natural gas and renewable resources to stop the drift to higher prices.
He testified as the Senate planned to debate energy legislation amid calls for more oil drilling to help lower oil prices.
Pickens has been touring the country 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.
 Email this story to a friend
Comments on this story
justincase
07-23-08, 06:48 PM |
T. Boone Pickens warns of $300 oil
T.Boone Pickens want it to go up to $300.oo or more to fatten his pocket. Sure he donot to see it goes up but in the real world he does. Advocate wind power or alternative is great because he is heavily invested on it like the other fellow said. It could be very true.
|
waltky
07-27-08, 08:37 PM |
The answer is blowin' in the wind...
;)
Wind power: A reality check
July 24, 2008: Plans are afoot to prod the nation into using much more renewable energy. Can it be done, and what’s the cost?
]
High-profile personalities have been telling the nation to ditch that dirty fossil fuel and turn to renewable energy. T. Boone Pickens, the billionaire oilman, has been hitting the airwaves, pitching a plan to use wind to replace all the natural gas that’s used to produce electricity, then using that saved natural gas to fuel cars.
In addition to weaning the nation from foreign oil, Pickens' plan is not entirely altruistic. He’s investing hundreds of millions of dollars on a giant wind farm in the Texas panhandle, and his hedge fund, BP Capital, is said to own stakes in several companies that equip cars to run on natural gas. If his energy efforts pan out, he could get even richer in the process.
Then there’s Al Gore. The former U.S. vice president and Nobel Prize winner said last week that electricity generation should be completely fossil-fuel free in 10 years. The question is, are these plans realistic or just dreams?
“It’s not out of the realm of technical feasibility," said Chris Namovicz, a renewable energy analyst at the government’s Energy Information Agency. “But they come with pretty significant price tags." The order is indeed tall.
[url=http://money.cnn.com/2008/07/22/news/economy/pickens_wind/index.htm:
MORE[/url]
|
Have your say on this story
|
|
