T. Boone Pickens Bets on Natural Gas

Last week, T. Boone Pickens was in Calgary, Alberta and shared with his audience that he expects natural gas (NG-FT ) prices to hit $7 (U.S.) by next year. $7 would be nearly double their current value.

Pickens claims that U.S. energy security is his first priority. Mr. Pickens has taken iniatives that are based on dramatically reducing the U.S.’s dependence on foreign oil.

“It’s going to be good for America, it’s going to be good for Canada, it’s going to be good for the producers, it’s going to be good for everybody,” he said. “I can only see that the only loser in this deal is foreign oil. And I don’t call you foreign. You don’t look foreign.”
Today, the U.S. spends $484,087 per minute to buy foreign oil, an export of currency that worked out to $475-billion in 2008.
“Mr. Pickens’ solution is two-fold. First, supply 20 per cent of U.S. electricity demand with wind from a corridor through the central U.S. he calls the “Saudi Arabia of Wind.” Then use that electricity to replace natural-gas fired power, and convert vehicles to burn natural gas”.

Mr. Pickens does not expect the gas we nee to come from the Arctic. “All the gas on the Arctic coastline is 39 trillion cubic feet,” he said. “That’s not as much as you have in the Barnett Shale, that’s sitting over there underneath Fort Worth”.

Read the Globe and Mail coverage of “T. Boone Pickens Bets on Natural Gas”

Learn more about T. Boone Pickens’ Plan to Reduce Foreign Energy Dependency- watch the video!

Posted by: Caroline Keddy

Short URL: http://naturalgasforamerica.com/?p=444

Posted by admin on June 23rd, 2009. Filed under Environment, Natural Gas. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry