Pickens sees $300 oil unless U.S. cuts crude imports
Quote:
WASHINGTON (Reuters) - Oil prices will hit $300 a barrel in 10 years if the United States fails to reduce its dependence on foreign imports, billionaire oil investor T. Boone Pickens told U.S. lawmakers on Tuesday.
The United States imports nearly 70 percent of its oil and Pickens said the world's top petroleum-consuming nation would import 80 percent in a decade if it does not aggressively tap its own natural gas and renewable resources.
"If we continue to drift, oil will hit $300 a barrel in 10 years," Pickens testified at a hearing of the U.S. Senate Homeland Security and Governmental Affairs Committee.
|
and on a related note...
Venezuela's Chavez calls for alliance with Russia
Quote:
BARVIKHA, Russia (AP) - Venezuelan President Hugo Chavez, visiting Moscow to pursue weapons and energy deals, on Tuesday called for a strategic alliance with Russia to protect his country from the United States.
...
Chavez is in Russia to broker a number of deals involving weapons purchases, oil exploration and possibly the creation of a joint financial institution.
|
Enjoy your "cheap OPEC oil" while you can. A little "peace of mind" just is not worth the price of ethanol.