Monday, July 7, 2014

T. Boone Pickens: Thanks To Private Sector Efforts, U.S. Energy Independence from OPEC 'In Sight'



On CNBC's Squawk Box, July 7, 2014, T. Boone Pickens said the U.S. has made great strides toward energy independence and it is all due to private sector initiative, which has succeeded despite foot dragging and opposition from Washington.


ROUGH PARTIAL TRANSCRIPT:

Becky Quick: Well, Boone, let's talk about where we are today as a nation. what's happened with our own energy production. Where do you think we're headed from here? And just the idea of reaching U.S.  independence from OPEC. Is it still a possibility?

Pickens: Oh, it's in sight. It is in sight. If we just, you know, if you go back six years ago, I said you're going to have all this gas, you remember that?

Becky Quick: I do.

Pickens: And now we're now number one in the world in gas. And then we were third. We were about sixth or seventh in oil, and now we're third in oil. So we're number one in gas, third in oil and moving on up. So, I'm not kidding you . . . hats off to the oil and gas industry in America because they provided jobs and oil.

I'll get off that subject, but they do need a -- they've done a good job no kidding. But here we are, sure, we can get off OPEC oil. We're down to 4 million barrels a day of OPEC oil --

Becky Quick: From what?

Pickens: At one time we were over seven [million barrels a day]. So we have come down to four, and we can knock that out within the next three years. All you have to do is switch natural gas over to the heavy duty trucks and that will take you out 3 million barrels.

[Note: Pickens also said that Obama had failed to lead on the issue of increasing energy independence and called Obama "the worst President in 60 years," referring to a recent poll from Quinnipiac in which Americas reported that they rated Obama the worst President since World War II. Pickens's "worst President" quote was omitted from the video posted at the CNBC website. ]

Pickens: We have these fabuluous resourece in America and Washington doesn't focus on it. And it moves along fairly smoothly. You know if you really wanted to help the economy, go ahead and press for the use of our natural gas here. Increase demand here for it. But don't ship it out of country. Our producers should get into any market they want to get into. They went out and spent the money, found the gas, found the oil, they have the right to get into any market. But if you had leadership in Washington, they'd say wait in a minute we have the cheapest energy in the world in America. Whya re we going to share that when we can use it here.

Becky Quick: Boone, the private sector is a beautiful thing the way it's done this because you said no one saw it, no one knew about it.

Pickens: Somehow it happens, and the capital flows downhill where all this happens. Do you think if let's say the obama administration had -- and there's not renewables. We all love renewables, I understand that. we want to do that. We want to do solar. We want to do everything we can to have a huge portfolio of energy. But what if they had been on board all along, where would we be? Because this is where we are without any help, really. Okay. If they'd gone with me six years ago you figure you could have . . .

Link to CNBC.

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