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Pickens: Oil Could Go to $300 a Barrel

A

Anonymous

Guest
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.
 

aplusmnt

Well-known member
Oldtimer said:
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.

I wonder how pickens thinks we should do this, hmmmmm could it be Natural gas where he has made major investments? :wink:

I am all for changes, in lots of ways, but why not drill more along the path?

Plus why are you liberals so worried about getting oil from the Saudi's? Heck your leader even bows to him, so why they so bad to get oil from?
 
A

Anonymous

Guest
aplusmnt said:
Oldtimer said:
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.

I wonder how pickens thinks we should do this, hmmmmm could it be Natural gas where he has made major investments? :wink:

I am all for changes, in lots of ways, but why not drill more along the path?

Plus why are you liberals so worried about getting oil from the Saudi's? Heck your leader even bows to him, so why they so bad to get oil from?

Hate to tell you this- but the people have decided he's your leader too :wink:
And your hero of the past 8 years went around swapping spit with them....

image3699739g-1.jpg


Some would like to see where we could get past having to kiss these cartels arses....
 

Tex

Well-known member
aplusmnt said:
Oldtimer said:
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.

I wonder how pickens thinks we should do this, hmmmmm could it be Natural gas where he has made major investments? :wink:

I am all for changes, in lots of ways, but why not drill more along the path?

Plus why are you liberals so worried about getting oil from the Saudi's? Heck your leader even bows to him, so why they so bad to get oil from?

Please, keep the liberal vs. conservative thing out of it. It is about as helpful as nanya nanya boo boo.

We are not drilling real hard right now because and natural gas are very low compared to what they had been.

There are rigs sitting still for this reason and oil and gas companies going bust.

We need a real energy policy that will help prices stabilize instead of having these huge swings. It is one of the things the "use it up" policy by republican senators ignores. A real energy policy instead of political pot shots and name calling is what we need. It will help make sure we don't have an economy so subject to the booms and bust cycles with their super highs and super lows.

That might be a little too much to ask of our politicians --- to stop taking political pot shots and start governing with competence.

It was sure too much to ask from the last administration and their supporting party. I hope the new one does a little better but we will see. I have a feeling politicians are only able to serve the public interest when made to do so. As voters we haven't held them to a very high standard and instead get stuck with party name calling and blame.

Tex
 

TexasBred

Well-known member
Oldtimer said:
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.

Pickens "talks" natural gas but he buys oil futures. He's still trying to recoup the billion he lost when oil crashed last year. He was voted OFF his own board literally run out of town. The man is a snake oil salemand are smart folks are learning to run from him like the plague. He gives money away yet can't borrow a nickel.
 

Tex

Well-known member
TexasBred said:
Oldtimer said:
Pickens: Oil Could Go to $300 a Barrel

Friday, June 19, 2009 10:01 AM

By: Dan Weil



Legendary oil man T. Boone Pickens says that if the U.S. doesn’t take major steps to curb its reliance on foreign oil, the consequences will be drastic.


“Let’s say in 10 years, you do nothing,”
Pickens tells Fortune.


You will be importing 75 percent of your oil (up from 68 percent now), and you’ll be paying $300 a barrel.”


“That’s $2 trillion a year going out of this country.”



The problem today is that we’re importing 13 million barrels of oil a day, Pickens says.


“Over half of that comes from areas that are unstable, unfriendly in a lot of cases — Venezuela, the Middle East, Africa. … If we can cut down on oil from those areas, it would make me feel a lot better about security for this country.”


U.S. consumption is simply too high, Pickens maintains.


“There are 85 million barrels of oil produced every day in the world. We’re using 21 million of the 85 million,” he says.


“At some point, as prices get higher and higher … the countries that have the oil will say … you need to pay a higher price to kill your demand, or we need to cut you off on part of that.”


Other experts agree that oil prices are headed higher.


“In my estimate, oil prices will reach $100 a barrel next year,” economist Nouriel Roubini said at an economics conference cited by Bloomberg.

Pickens "talks" natural gas but he buys oil futures. He's still trying to recoup the billion he lost when oil crashed last year. He was voted OFF his own board literally run out of town. The man is a snake oil salemand are smart folks are learning to run from him like the plague. He gives money away yet can't borrow a nickel.

Pickens was a real risk taker on some of these energy bets. It made him billions in previous times. It is kind of like allowing banks to hedge positions they don't have. It is gambling. Chesapeake is the latest big company that has done this in the gas play in Tx and Louisiana. Land leasing was going for huge amounts that tied up sections but when the price dropped, those companies lost their bet. Sometimes even industry insiders can't tell the future.

Pickens buys oil because we need it and don't have it. It is the basis of energy prices because of the concentrated btus and its ability to be used in place of other fuels. Gas we have but the price has fallen out from the high $14s to just over $4 per unit.

Pickens is right about peak oil and oil continuing to go up without additional supplies found in the world. It is partly what allowed price to go to the highs they went to (limited supply) when the world's economy was strong and demand was high (the other was a corralling of the market by manipulators like hedge funds an other big money). We still haven't found other alternatives that can be utilized fast if we went back there. Just because he lost his short term bet doesn't mean he doesn't see the long term correctly.

Tex
 

TexasBred

Well-known member
Much of the price increase in oil was and still is speculators. Sure demand will always be there and there is a limited supply but that was not the reason oil went over $140....Oil is going up now and we have the largest domestic stockpile we've had in 20 years....Boone don't buy oil....he buys oil futures contracts...yet all the while taking the money of investors supposedly for development of "alternative energy". Chesapeake was leasing and drilling because the CEO got a percentage cut of every cubic foot of gas they produced. (Pretty nice perk). They paid whatever it took to get the lease and they have drilled thousands of wells down here. last price I got on NG varied from $3.18 to $3.38...well down from $13.80 back in the winter.
 

Steve

Well-known member
Tex said:
aplusmnt said:

I wonder how pickens thinks we should do this, hmmmmm could it be Natural gas where he has made major investments? :wink:

I am all for changes, in lots of ways, but why not drill more along the path?

Plus why are you liberals so worried about getting oil from the Saudi's? Heck your leader even bows to him, so why they so bad to get oil from?

Please, keep the liberal vs. conservative thing out of it. It is about as helpful as nanya nanya boo boo.

We are not drilling real hard right now because and natural gas are very low compared to what they had been.

There are rigs sitting still for this reason and oil and gas companies going bust.

We need a real energy policy that will help prices stabilize instead of having these huge swings. It is one of the things the "use it up" policy by republican senators ignores. A real energy policy instead of political pot shots and name calling is what we need. It will help make sure we don't have an economy so subject to the booms and bust cycles with their super highs and super lows.

That might be a little too much to ask of our politicians --- to stop taking political pot shots and start governing with competence.

It was sure too much to ask from the last administration and their supporting party. I hope the new one does a little better but we will see. I have a feeling politicians are only able to serve the public interest when made to do so. As voters we haven't held them to a very high standard and instead get stuck with party name calling and blame.

Tex

real good comment.. to bad you couldn't help throwing in a few "pot shots" yourself.. :roll: :roll: :wink:
 

Trinity man

Well-known member
Tex said:
TexasBred said:

Pickens "talks" natural gas but he buys oil futures. He's still trying to recoup the billion he lost when oil crashed last year. He was voted OFF his own board literally run out of town. The man is a snake oil salemand are smart folks are learning to run from him like the plague. He gives money away yet can't borrow a nickel.

Pickens was a real risk taker on some of these energy bets. It made him billions in previous times. It is kind of like allowing banks to hedge positions they don't have. It is gambling. Chesapeake is the latest big company that has done this in the gas play in Tx and Louisiana. Land leasing was going for huge amounts that tied up sections but when the price dropped, those companies lost their bet. Sometimes even industry insiders can't tell the future.

Pickens buys oil because we need it and don't have it. It is the basis of energy prices because of the concentrated btus and its ability to be used in place of other fuels. Gas we have but the price has fallen out from the high $14s to just over $4 per unit.

Pickens is right about peak oil and oil continuing to go up without additional supplies found in the world. It is partly what allowed price to go to the highs they went to (limited supply) when the world's economy was strong and demand was high (the other was a corralling of the market by manipulators like hedge funds an other big money). We still haven't found other alternatives that can be utilized fast if we went back there. Just because he lost his short term bet doesn't mean he doesn't see the long term correctly.

Tex

Chesapeake leased our place 3 years ago and when gas prices fell they let our lease go. They was paying any wear from 700-1200 ac for leases 3 years ago around here. I wish oil would go back up those lease checks are nice this time of the year. :wink:
 

Tex

Well-known member
Steve said:
Tex said:
aplusmnt said:
I wonder how pickens thinks we should do this, hmmmmm could it be Natural gas where he has made major investments? :wink:

I am all for changes, in lots of ways, but why not drill more along the path?

Plus why are you liberals so worried about getting oil from the Saudi's? Heck your leader even bows to him, so why they so bad to get oil from?

Please, keep the liberal vs. conservative thing out of it. It is about as helpful as nanya nanya boo boo.

We are not drilling real hard right now because and natural gas are very low compared to what they had been.

There are rigs sitting still for this reason and oil and gas companies going bust.

We need a real energy policy that will help prices stabilize instead of having these huge swings. It is one of the things the "use it up" policy by republican senators ignores. A real energy policy instead of political pot shots and name calling is what we need. It will help make sure we don't have an economy so subject to the booms and bust cycles with their super highs and super lows.

That might be a little too much to ask of our politicians --- to stop taking political pot shots and start governing with competence.

It was sure too much to ask from the last administration and their supporting party. I hope the new one does a little better but we will see. I have a feeling politicians are only able to serve the public interest when made to do so. As voters we haven't held them to a very high standard and instead get stuck with party name calling and blame.

Tex

real good comment.. to bad you couldn't help throwing in a few "pot shots" yourself.. :roll: :roll: :wink:

Those "pot shots" were as a direct result of what I consider a failed or non existent energy policy by republicans sitting on the energy committee. Boom and busts do not efficiently employ industry resources but make them cost more.

This is why I laugh at the drill baby drill "policy" of the republicans. While drilling will always be a part of helping to provide energy, the huge swings in price of energy create huge inefficiencies in the economy from the kind of energy/efficiency ratios wanted in products and in the employment of resources in the energy field.

When we have legislators who have the responsibility to make a responsible energy policy, they have done nothing but comment on it. It has been to the detriment of our economy.

The "drill baby drill" policy instead of a more steady energy price, ignores that the huge swings in energy prices has a whole lot of rigs sitting empty. No amount of republican or democratic campaign BS is going to put those rigs back to work, higher prices will.

Every time we have a huge energy crisis it is followed by a bust in the economy. The foreign energy sheiks can and will manipulate supplies to maximize their profits and run domestic rigs out of biz so they don't compete with foreign oil and the energy structure does not change. We need an energy policy that will stabilize prices for the entire economy.

I am tired of incompetent politicians who sit on the energy committee and do not help formulate a national energy policy. There are degrees to which they can work on the imbalance of supply and demand and huge swings in prices. One is the petroleum reserve where they can put away a lot of oil when prices are low and put them on the market when prices are high. This has been done successfully in the past although I don't know how much we are putting in the reserve now. The oil cartel needs to be countered in ways like this. It would also help stabilize U.S. prices and provide for a better environment for U.S. drillers and producers.

Our politicians need "pot shots" because no one is holding them responsible for coming up with and implementing policies that are in the national interest. They have been busy making policies that are in the interests of their big contributors.

Tex
 

movin' on

Well-known member
CattleArmy said:
jigs said:
why am I not suprised that oldtimer posted gay porn?
Possibly to lure Texan back to the boards???? :???: :wink: :D
Why am I not surprised you viewed it as gay porn? :wink:

Why am I not surprised that you piped up when the word gay was mentioned?
 

TexasBred

Well-known member
Trinity man said:
Tex said:
TexasBred said:
Pickens "talks" natural gas but he buys oil futures. He's still trying to recoup the billion he lost when oil crashed last year. He was voted OFF his own board literally run out of town. The man is a snake oil salemand are smart folks are learning to run from him like the plague. He gives money away yet can't borrow a nickel.

Pickens was a real risk taker on some of these energy bets. It made him billions in previous times. It is kind of like allowing banks to hedge positions they don't have. It is gambling. Chesapeake is the latest big company that has done this in the gas play in Tx and Louisiana. Land leasing was going for huge amounts that tied up sections but when the price dropped, those companies lost their bet. Sometimes even industry insiders can't tell the future.

Pickens buys oil because we need it and don't have it. It is the basis of energy prices because of the concentrated btus and its ability to be used in place of other fuels. Gas we have but the price has fallen out from the high $14s to just over $4 per unit.

Pickens is right about peak oil and oil continuing to go up without additional supplies found in the world. It is partly what allowed price to go to the highs they went to (limited supply) when the world's economy was strong and demand was high (the other was a corralling of the market by manipulators like hedge funds an other big money). We still haven't found other alternatives that can be utilized fast if we went back there. Just because he lost his short term bet doesn't mean he doesn't see the long term correctly.

Tex

Chesapeake leased our place 3 years ago and when gas prices fell they let our lease go. They was paying any wear from 700-1200 ac for leases 3 years ago around here. I wish oil would go back up those lease checks are nice this time of the year. :wink:

Perhaps I don't understand. You said lease payments...I think you meant royalty payments if you had a producing well.
 

CattleArmy

Well-known member
movin' on said:
CattleArmy said:
jigs said:
why am I not suprised that oldtimer posted gay porn?
Possibly to lure Texan back to the boards???? :???: :wink: :D
Why am I not surprised you viewed it as gay porn? :wink:

Why am I not surprised that you piped up when the word gay was mentioned?


Why am i not surprised you can't get it had nothing to do with the word gay and was just a way to pick on jigs and Texan?
 

movin' on

Well-known member
CattleArmy said:
movin' on said:
CattleArmy said:
Possibly to lure Texan back to the boards???? :???: :wink: :D
Why am I not surprised you viewed it as gay porn? :wink:

Why am I not surprised that you piped up when the word gay was mentioned?


Why am i not surprised you can't get it had nothing to do with the word gay and was just a way to pick on jigs and Texan?

Probably because anytime anything has anything to do with being gay, you're right in the middle of it.......or started it.
 

Tex

Well-known member
movin' on said:
CattleArmy said:
movin' on said:
Why am I not surprised that you piped up when the word gay was mentioned?


Why am i not surprised you can't get it had nothing to do with the word gay and was just a way to pick on jigs and Texan?

Probably because anytime anything has anything to do with being gay, you're right in the middle of it.......or started it.




Can anyone who wants to continue this gay stuff just take it to the pms?

I don't think it adds anything to the discussion. Don't ask, don't tell here. Do it in pms if that is your cup of tea. If you want to explore whether or not someone is gay or not, do it through pms or not at all.

PLEASEEEEEEE!

Tex
 
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