Pickens sees $300 oil; Chavez in Russia for arms/energy deals

[HoosierRon]

Pickens sees $300 oil unless U.S. cuts crude imports

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

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.

[TJ95GAGT]

This coming from an oil investor..... go figure.

I guess he wasn't happy with the declines last week and today.

[HoosierRon]

Originally Posted by TJ95GAGT

This coming from an oil investor..... go figure.

I guess he wasn't happy with the declines last week and today.

Did you bother to read the article? I ask because your comment seems very odd given the following:

Pickens has been touring the country pushing a plan under which domestic natural gas supplies would be used to power cars instead of electrical power plants. The federal government and private investors would build a massive wind farm system in the middle of the country from Mexico to Canada to provide electricity.

Pickens, who heads the hedge fund BP Capital, stands to benefit from such a program. He's building a 4,000 megawatt, $10 billion wind farm in northern Texas that should start generating power in 2011.

So. . . Pickens is investing $10 billion in wind farms, and you call him an oil investor. Thanks for the insight.

[RamJet502]

Pickens is invested in oil and the alternatives that he is pushing, so he wins either way. When Pickens calls for every major American city to be supplied by nuclear power I'll pay attention.

[steinravnik]

Originally Posted by TJ95GAGT

This coming from an oil investor..... go figure.

I guess he wasn't happy with the declines last week and today.

The declines are temporary, both in oil as well as the boost in stocks.

[PAULSTS1]

T. Boone Pickens is an Industrialist, his MO is to design and implement new industries. He's credible and if you listen and act on his ideas, it will make you money as well. I saw his proposal weeks ago, and agree...We must obtain alternatives to oil.

[mgescuro]

We have needed alternatives for decades.
it is only now that prices are through the roof that we are paying attention because our so-called "way of life" is now threatened.

[Canyonaro]

Originally Posted by PAULSTS1

T. Boone Pickens is an Industrialist, his MO is to design and implement new industries. He's credible and if you listen and act on his ideas, it will make you money as well. I saw his proposal weeks ago, and agree...We must obtain alternatives to oil.

Agreed, I think that his CNG idea is not feesable, it just shifts to another product. Last thing I need is my ng prices in the winter to triple (it just went up this last month where I live by about 15%). But I do agree with his wind generation. Have an American company like GE to make the generators and that will take care of most of the electricity, thus displacing the coal/oil/ng power plants. Now if you have most of your energy supplied by renewable power on the grid and you start getting the electric cars out, then we will be in pretty good shape for just using domestic oil. This all takes time, but we have to start somewhere.

[zete]

The US needs to get off imported oil. All that wealth just leaves the country with each inbound tanker of oil. It's not sustainable.

The US needs alternative energy solutions and has to start developing areas like Bakken -- which is already being primed in Saskatchewan for pumping and needs to be primed in the US states within which the Bakken fields exist.

Cheap imported oil is gone now that China and India need oil and the US needs to find alternative ways of fueling its economy. The sooner the better, too.

[tholland]

Originally Posted by RamJet502

Pickens is invested in oil and the alternatives that he is pushing, so he wins either way. When Pickens calls for every major American city to be supplied by nuclear power I'll pay attention.

He actually promotes his plan as a way to carry the US energy needs and reduce foreign imports until more nuclear power can be built... you can't turn those things up over night, it will take at least 10 years to get to nuclear. Yes, he is talking his investment book, but I believe he is presenting an energy policy that would be good for the country and its people.

[RamJet502]

Originally Posted by tholland

He actually promotes his plan as a way to carry the US energy needs and reduce foreign imports until more nuclear power can be built... you can't turn those things up over night, it will take at least 10 years to get to nuclear. Yes, he is talking his investment book, but I believe he is presenting an energy policy that would be good for the country and its people.

Ok, I can respect that.

[casket_demon]

Hey has anyone one gone 2 RussianEuro.com yet?