Legendary energy executive T. Boone Pickens issued the following statement today in response to benchmark West Texas Intermediate crude rising above $100 a barrel for the first time since October 2008.
“I predicted we would see $100 oil by end of the first quarter and now – less than two months into the new year – it’s here,” said Pickens. “The unrest in Libya has sent prices soaring and there will be no end in sight if we continue to be dependent on oil from unfriendly nations. The U.S. is now spending around $1.2 billion a day to import oil. There was never any question instability elsewhere would raise oil prices, the only question is: Why didn’t we do anything to protect ourselves from it? We can no longer afford to stand by and watch this happen as our national security is put at risk.
“Congress and the Administration need to act immediately to put a plan in place that addresses this crisis. To solve the problem, we need to begin focusing on transportation. By using our own abundant natural gas resources to fuel heavy-duty trucks, we can immediately reduce our dependence on OPEC oil, which in turn will improve national security while also strengthening our economy.
“Getting off OPEC oil and onto our own resources should be the number one priority in America. We cannot continue to let what is happening in other countries dramatically impact our economy here in the United States. We use more oil than anyone else and we have no energy plan. The solution is right in front of us and now is the time to get serious and put a plan in place.”