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Pickens on the Candidates and Energy Independence


T Boone Pickens is not pleased with the energy policies of any candidate. He claims that Clinton (who he calls the cripple for some reason) wants to simply lower the price to $60 gallon, which he says reveals a lack of understanding of the reality that we have to buy it from foreign producers. ExxonMobil produces only 2% of the 85 million barrels we use.

Pickens notes that Obama talks about biofuels, which he says gets a lot of applause but will at most address 5% of our needs. He sees a place for ethanol, calling it an ugly child, but our ugly child. Pickens did not acknowledge Obama's cautious mentions of conservation. But then, he can't make money on conservation.

He's says he's a McCain supporter, but on the summer gas tax holiday issue, he said that, "I don't know what he has in mind there."

Essentially, Boone's pitch is that we should stop spending $600 billion a year to buy oil from our enemies, and seek energy independence with what we can produce domestically. He is pushing the NGV (natural gas vehicle) industry for transportation, and advocates turning to nuclear, wind and solar for electrical generation.

Audio here.

For a discussion of the futility of pursuing energy independence, look into Robert Bryce's book Gusher of Lies. NY Times review and first chapter - subscription required.

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OK, in the first paragraph, make that $60 per barrel.

T Boone Pickens is likely to support whoever he thinks will give him the best opportunity to game the market and add to his fortune. He was buying oil futures at $60/barrel. I imagine he's very happy with today's oil market.

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Donal

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