Growth5 Blog

Sunday, May 17, 2009

T. Boone Pickens on Oil, Debt & Stimulus Money For Alternative Energy

Energy expert, investor & philanthropist T. Boone Pickens spoke at the ACG InterGrowth 2009 conference and then was interviewed by Fox Business (link below; couldn't embed).

Some of what Pickens had to say (including a joke about economists):

1.Pickens predicted a coming government-sponsored windfall (it's all about wind with him ;-) for alternative energy: "Obama has gone for wind, solar and the 21st-century grid. That's in the stimulus package"

2. The U.S. currently imports 68% of its daily oil needs -- an all-time high: "This is more than half the trade deficit [and] has far-reaching tentacles and influence over what goes on in this country, where it has not been exposed or even explained to anybody."

3. Oil imports from Venezuela, the Middle East and Nigeria: "This is absolutely insane, that this country is dependent on supplies (from countries) as precarious as Nigeria for instance or Venezuela... Look at Saudi Arabia: They produce 9 million barrels a day. What we import is greater than what Saudi Arabia produces."

4. Oil prices: "I promise you this is going to get tight, very, very quick. You're going to be back to $75 oil by the end of the year" -- and $200 per barrel within five years." Ouch.

5. Economists: "I'm not an economist. You know what an economist is? That's the guy who didn't have the personality to be a CPA."

6. US Debt Levels: "If it (debt) isn't sold, we know what's going to happen: We have to buy our own debt again. If that happens to us in the fourth quarter, I think we'll have real problems on our hands. When you look at who owns our debt, the Chinese, the Japanese and the Saudis are the biggest owners of our debt. I wouldn't want to owe those three guys anything."

You can see the post-talk interview here.

I recently blogged about Pickens' latest book.

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