Visit www.pickensplan.com/china to read our special report: “Foreign Oil: China has a plan. We don’t.”
T. Boone Pickens has an op-ed in this morning’s editions of “Politico” a widely-read and highly-regarded newspaper and website in Washington, DC.
In his essay, Boone points out that while the United States continues to import two-thirds of our oil needs, China has “quietly and effectively been locking in long-term oil supplies to make certain that its internal needs will be met when the world’s economies rebound and global oil production has peaked.”
Boone writes that China has been making deals with countries ranging from the former Soviet Republic of Turkmenistan to the African nation of Angola, to Venezuela in South America.
“In sum, China has locked in about 5.2 billion barrels of oil to import. Five billion barrels is the amount the United States must import (at current levels) between now and 2023,” Boone wrote.
Boone reminds Washington that we have the domestic resources to avoid an international competition for oil.
During the past decade, advances in technology have made the natural gas contained in the enormous shale fields of Texas, Louisiana, Arkansas and Appalachia more easily accessible.
Recent studies show that North America has some 8,000 trillion cubic feet of natural gas reserves. Even if only half that is available for commercial production, it would give the U.S. a 200-year supply of natural gas. Right here.
Boone calls on Congress to pass the NAT GAS Act (H.R. 1835 and S. 1408) which would
“put the right incentives in place, we can get our heavy trucks and fleet vehicles off foreign diesel and onto clean and abundant domestic natural gas. We will reduce our need for foreign oil by as much as one-third.”
To read the entire essay in Politico, click HERE.
— The Pickens Team