In an interview on CNBC the chairman of Federal Express, Frederick Smith, and the former vice chair of GM, Robert Lutz, talked about the need to wean Americans from their dependence on OPEC oil.
Smith said, “There is no free market for oil. It’s controlled by a cartel, OPEC. They own 80 percent to 90 percent of the reserves in the world. They produce about 42 percent.”
He said too many Republicans in Congress hear the word “alternative” and immediately think it’s an Administration effort.
“This isn’t about liberal programs and changing society. This is about energy conservation and national security by getting us off of imported oil,” Smith said.
Lutz, in the same interview, said he “all for ‘drill, baby, drill’ and the vision of the U.S. potentially becoming self-sufficient in petroleum and gas production. It is a dream that we fully support.”
To read the CNBC report of the interview, click HERE.
— The Pickens Team