http://www.cnbc.com/id/28534827
Pickens Predicts Oil to Top $100 by End of 2010
Texas billionaire T. Boone Pickens said Tuesday that oil prices will rise above $100 a barrel by the end of 2010 as the global economy recovers.
Oil prices in the $40 a barrel range are "not going to be around much longer," Pickens told a gathering at the James A. Baker III Institute for Public Policy at Rice University in Houston.
Oil prices have tumbled from over $147 a barrel in July to about $48 a barrel Tuesday as demand in the United States and other developed countries slows due to the global economic crisis.
By late 2010, Pickens sees a rebound in oil demand sparked by a global recovery, pushing prices higher.
If the U.S. continues to rely on imported oil for 70 percent or more of its supply, prices could reach $200-$300 per barrel in another decade, Pickens said.
As an investor, Pickens said he remains "on the sidelines," with just 10 percent of his BP Capital hedge fund invested in energy. The fund lost $2 billion last year before shifting to cash as energy prices and stocks declined.
The recent drop in oil and natural gas prices has not derailed Pickens' effort to push the next administration to implement an energy plan to reduce U.S. dependence on foreign oil.
Pickens said he hopes President-elect Barack Obama will announce details of his energy plan within the first 100 days of the new administration.
To replace one-third of the country's imported supply, Pickens has outlined a plan to use domestic natural gas as a transportation fuel and to invest in power generation from renewable resources such as wind and solar power.
While the cost to transform the nation's transportation and electric infrastructure is enormous, Pickens said reducing the annual tab for imported oil "can pay for anything you are doing."
Government leadership is imperative, Pickens said. "Waiting for the free market can be disastrous," Pickens told reporters.
Lack of financing has slowed Pickens' ambitious plan to build the world's largest wind farm of 4,000 megawatts in the Texas Panhandle.
Instead of building his own high-voltage transmission line to move electricity from the first 1,000 MW of wind turbines to supply more populated areas of north Texas, Pickens said he will wait for a power line to be built by other investors through the state's Competitive Renewable Electric Zone process, expected to take three to four years.
Pickens said his first order of wind turbines is expected in 2011.
Showing posts with label T. Boone Pickens. Show all posts
Showing posts with label T. Boone Pickens. Show all posts
Wednesday, January 14, 2009
Thursday, July 31, 2008
Pickens says gas and wind would slash oil imports
http://www.reuters.com/article/environmentNews/idUSN0826319520080708
Pickens says gas and wind would slash oil imports
Tue Jul 8, 2008
By Timothy Gardner
NEW YORK (Reuters) - Texas energy tycoon T. Boone Pickens on Tuesday called for a massive switch to natural gas as a transportation fuel and a boost in wind power in a plan aimed at reducing U.S. foreign oil dependence by a more than a third.
The Pickens Plan, which includes exploiting domestic natural gas supplies in new areas like East Texas and Appalachia, could replace 38 percent of U.S. oil imports, he said.
"U.S. natural gas can replace foreign oil. It's the only natural resource we have that can do that," Pickens said during a press event for his energy plan.
The 10-year plan would reduce the annual U.S. oil import bill of $700 billion, at oil prices of $140 a barrel, by hundreds of billions of dollars, he said. The country imports about 70 percent of its crude.
His plan comes as U.S. consumers who have already been hit by the credit and housing crunches are now facing record gasoline prices as oil prices rally on rising demand from developing countries and violence in the Middle East.
Pickens, a life-long Republican, hopes to discuss the plan with both U.S. presidential candidates. He is launching a television advertising campaign, to cost tens of millions of dollars, for the plan.
Earlier this year, Pickens announced he would spend $10 billion to build the world's biggest wind farm in Texas that should start generating power by 2011.
When asked if his plan is a way to ensure his investments would make him even richer, the 80-year-old billionaire said he's not concerned about making still more money.
CLOSEST THING TO WAR
Pickens' vision has two steps.
First, investors would boost development of wind farms, particularly in what he called the U.S. wind corridor, a slice of the country from Texas to North Dakota. It's an "unbelievable asset that's not been touched," he said.
The extra wind power, according to the plan, would replace the natural gas the country burns to generate power. Currently the country gets 22 percent of its power from natural gas.
Then, the freed-up natural gas could be used to power vehicles, but the country would have to convert a large share of its vehicles to run on compressed natural gas.
Pickens said the cost savings would reduce oil prices "substantially." But he stopped short of predicting by how much.
"You never know how much demand will rise in places like China and India," said Pickens, who heads the hedge fund BP Capital. "I don't think we'll ever see prices below $100 a barrel."
Analysts said the plan was no simple solution.
"The U.S. will indeed use a lot more wind power in coming years. In that sense, Pickens is a visionary," said Chris Kostas, a senior natural gas analyst at Energy Security Analysis Inc in Boston.
"It's his idea of using natural gas to convert a large transportation fleet that's less convincing," said Kostas, adding that it would be hard to use enough of the fuel to cut global oil prices.
A new system of natural gas-filling stations would have to be built and cars would have to be converted to run on the fuel.
Pickens acknowledged the plan has some high hurdles.
The government would need to create power transmission corridors from the heart of the country to the coasts, he said. The effort would have to be comparable to the interstate highway system former U.S. President Dwight Eisenhower created during the Cold War to improve the mobility of the military, Pickens said.
"This comes down to the closest thing to war, while not having war," Pickens said about the imperative for the U.S. to tap its own natural resources to reduce its foreign oil habit.
(Additional reporting by Matthew Robinson; Editing by Christian Wiessner)
Pickens says gas and wind would slash oil imports
Tue Jul 8, 2008
By Timothy Gardner
NEW YORK (Reuters) - Texas energy tycoon T. Boone Pickens on Tuesday called for a massive switch to natural gas as a transportation fuel and a boost in wind power in a plan aimed at reducing U.S. foreign oil dependence by a more than a third.
The Pickens Plan, which includes exploiting domestic natural gas supplies in new areas like East Texas and Appalachia, could replace 38 percent of U.S. oil imports, he said.
"U.S. natural gas can replace foreign oil. It's the only natural resource we have that can do that," Pickens said during a press event for his energy plan.
The 10-year plan would reduce the annual U.S. oil import bill of $700 billion, at oil prices of $140 a barrel, by hundreds of billions of dollars, he said. The country imports about 70 percent of its crude.
His plan comes as U.S. consumers who have already been hit by the credit and housing crunches are now facing record gasoline prices as oil prices rally on rising demand from developing countries and violence in the Middle East.
Pickens, a life-long Republican, hopes to discuss the plan with both U.S. presidential candidates. He is launching a television advertising campaign, to cost tens of millions of dollars, for the plan.
Earlier this year, Pickens announced he would spend $10 billion to build the world's biggest wind farm in Texas that should start generating power by 2011.
When asked if his plan is a way to ensure his investments would make him even richer, the 80-year-old billionaire said he's not concerned about making still more money.
CLOSEST THING TO WAR
Pickens' vision has two steps.
First, investors would boost development of wind farms, particularly in what he called the U.S. wind corridor, a slice of the country from Texas to North Dakota. It's an "unbelievable asset that's not been touched," he said.
The extra wind power, according to the plan, would replace the natural gas the country burns to generate power. Currently the country gets 22 percent of its power from natural gas.
Then, the freed-up natural gas could be used to power vehicles, but the country would have to convert a large share of its vehicles to run on compressed natural gas.
Pickens said the cost savings would reduce oil prices "substantially." But he stopped short of predicting by how much.
"You never know how much demand will rise in places like China and India," said Pickens, who heads the hedge fund BP Capital. "I don't think we'll ever see prices below $100 a barrel."
Analysts said the plan was no simple solution.
"The U.S. will indeed use a lot more wind power in coming years. In that sense, Pickens is a visionary," said Chris Kostas, a senior natural gas analyst at Energy Security Analysis Inc in Boston.
"It's his idea of using natural gas to convert a large transportation fleet that's less convincing," said Kostas, adding that it would be hard to use enough of the fuel to cut global oil prices.
A new system of natural gas-filling stations would have to be built and cars would have to be converted to run on the fuel.
Pickens acknowledged the plan has some high hurdles.
The government would need to create power transmission corridors from the heart of the country to the coasts, he said. The effort would have to be comparable to the interstate highway system former U.S. President Dwight Eisenhower created during the Cold War to improve the mobility of the military, Pickens said.
"This comes down to the closest thing to war, while not having war," Pickens said about the imperative for the U.S. to tap its own natural resources to reduce its foreign oil habit.
(Additional reporting by Matthew Robinson; Editing by Christian Wiessner)
Wednesday, November 21, 2007
Kerry Vows to Disprove Swift Boat Claims
http://apnews.myway.com/article/20071116/D8SUVVKG1.html
Kerry Vows to Disprove Swift Boat Claims
Nov 16, 2007
By GLEN JOHNSON
BOSTON (AP) - Sen. John Kerry, whose 2004 presidential campaign was torpedoed by critics of his Vietnam War record, said Friday he has personally accepted a Texas oilman's offer to pay $1 million to anyone who can disprove even a single charge of the Swift Boat Veterans for Truth.
In a letter to T. Boone Pickens, the Massachusetts Democrat wrote: "While I am prepared to show they lied on allegation after allegation, you have generously offered to pay one million dollars for just one thing that can be proven false. I am prepared to prove the lie beyond any reasonable doubt."
Kerry, a Navy veteran and former prosecutor, said he was willing to present his case directly to Pickens, who provided $3 million to bankroll the group during Kerry's race against President Bush.
Kerry said he would donate any proceeds to the Paralyzed Veterans of America.
The senator said Pickens issued the challenge Nov. 6 in Washington, while serving as chairman of a 40th anniversary gala for American Spectator magazine.
In the letter, Kerry offered to travel to Dallas to meet with Pickens in a public forum or to invite him to come to Massachusetts. He suggested the two could visit the Paralyzed Veterans of America in Norwood to see firsthand how Pickens' money could be used to help veterans. A copy of the letter was provided to The Associated Press.
Pickens spokesman Jay Rosser asked to review the letter before commenting.
First in the book "Unfit for Command," and then in a series of television commercials, Kerry's critics challenged the circumstances for his military awards, accused him of doctoring reports and argued he never traveled into Cambodia as claimed.
While fellow veterans and reporters disproved many of the group's claims at the time, Kerry refused to air ads responding to the criticism. His own response was muted for fear of legitimizing his critics' attacks. The senator conceded after losing to Bush that his lackluster response likely cost him the election.
Ever since, Kerry has worked to lay the criticisms to rest.
In May 2005, he began allowing reporters access to his full Navy personnel and medical records - something he refused to do during the campaign.
Those records mostly duplicated documents Kerry released during the 2004 campaign. In addition, they included numerous commendations from commanders who criticized Kerry's service during the presidential race.
That disclosure renewed questions about why Kerry did not respond more forcefully with control over the White House at stake.
Kerry decided against launching a second bid for president, but vowed to defend his record and prevent other candidates from being "Swift-boated."
In his letter to Pickens, the senator challenged the billionaire's honor.
`"I trust that you are a man of your word, having made a very public challenge at a major Washington dinner, and look forward to taking you up on this challenge," Kerry wrote.
Kerry Vows to Disprove Swift Boat Claims
Nov 16, 2007
By GLEN JOHNSON
BOSTON (AP) - Sen. John Kerry, whose 2004 presidential campaign was torpedoed by critics of his Vietnam War record, said Friday he has personally accepted a Texas oilman's offer to pay $1 million to anyone who can disprove even a single charge of the Swift Boat Veterans for Truth.
In a letter to T. Boone Pickens, the Massachusetts Democrat wrote: "While I am prepared to show they lied on allegation after allegation, you have generously offered to pay one million dollars for just one thing that can be proven false. I am prepared to prove the lie beyond any reasonable doubt."
Kerry, a Navy veteran and former prosecutor, said he was willing to present his case directly to Pickens, who provided $3 million to bankroll the group during Kerry's race against President Bush.
Kerry said he would donate any proceeds to the Paralyzed Veterans of America.
The senator said Pickens issued the challenge Nov. 6 in Washington, while serving as chairman of a 40th anniversary gala for American Spectator magazine.
In the letter, Kerry offered to travel to Dallas to meet with Pickens in a public forum or to invite him to come to Massachusetts. He suggested the two could visit the Paralyzed Veterans of America in Norwood to see firsthand how Pickens' money could be used to help veterans. A copy of the letter was provided to The Associated Press.
Pickens spokesman Jay Rosser asked to review the letter before commenting.
First in the book "Unfit for Command," and then in a series of television commercials, Kerry's critics challenged the circumstances for his military awards, accused him of doctoring reports and argued he never traveled into Cambodia as claimed.
While fellow veterans and reporters disproved many of the group's claims at the time, Kerry refused to air ads responding to the criticism. His own response was muted for fear of legitimizing his critics' attacks. The senator conceded after losing to Bush that his lackluster response likely cost him the election.
Ever since, Kerry has worked to lay the criticisms to rest.
In May 2005, he began allowing reporters access to his full Navy personnel and medical records - something he refused to do during the campaign.
Those records mostly duplicated documents Kerry released during the 2004 campaign. In addition, they included numerous commendations from commanders who criticized Kerry's service during the presidential race.
That disclosure renewed questions about why Kerry did not respond more forcefully with control over the White House at stake.
Kerry decided against launching a second bid for president, but vowed to defend his record and prevent other candidates from being "Swift-boated."
In his letter to Pickens, the senator challenged the billionaire's honor.
`"I trust that you are a man of your word, having made a very public challenge at a major Washington dinner, and look forward to taking you up on this challenge," Kerry wrote.
Subscribe to:
Posts (Atom)
Posts
