The highly regarded financial website MotleyFool.com gave writer Jennifer Schonberger the assignment to interview T. Boone Pickens. She described Boone as “oil tycoon, champion of the Pickens Plan, and chairman of hedge fund BP Capital.”
Here is a sampling of the conversation.
Renewable energy:
Wind and solar are not going to replace crude oil, because oil is used primarily for diesel and gas transportation fuel. So we need to get on our own resources and I think that is starting to happen.
The NAT GAS Act – H.R. 1835:
They have [75 bipartisan] co-sponsors in the House. The companion bill in the Senate is S. 1408. Those two bills are very compatible and will help [the legislation] come together real fast. So yes, I think the Natural Gas Act is going to pass in October.
NGVs and infrastructure:
I see it as a seamless event. Set it up where you use domestic [natural gas] on the 18-wheelers and cut out the diesel. Start with the 18-wheelers and the infrastructure will come as fast as the vehicles show up. The government doesn’t have to set up the infrastructure. That can be done by private industry.
Price of Crude Oil:
I see oil at $75 by the end of the year and in 2010 and longer term it will be higher.
Status of the Pickens Plan:
The Pickens Plan is right on course. We’re further down the track. I think you’re going to have legislation from Congress this year that will dictate the direction of energy for the next 50 years for the United States. It will be monumental if it comes off like I think it will.
To read the entire interview, click HERE.
— The Pickens Team