That’s right. That’s what it would cost Americans if we stopped using imported crude oil and started using domestic natural gas as a transportation fuel. Boone Pickens brought up the $21 cost of a barrel per oil equivalent on CNBC’s Squawk Box this morning, and news outlets, including Barron’s, picked up the story.
The low cost of domestic natural gas is an integral element of the Pickens Plan. The legendary energy entrepreneur pointed out that if America’s 18-wheelers shifted away from running on imported diesel and ran instead on domestic natural gas, it would halve imports of OPEC oil by 50 percent in seven years.
Given that the U.S. is currently importing 5 million barrels of oil per day from OPEC nations, a 50 percent drop would mean $200 million per day at current prices that Americans would be spending on domestic energy rather than shipping our hard-earned dollars overseas.
Read the entire post at Barron’s HERE.