Pickens: Oil to Return to Record by End of 2008

Billionaire hedge-fund manager Boone Pickens, founder and chairman of Dallas-based BP Capital LLC, talks about federal tax credits and transmission challenges for the wind-power industry, the "Pickens Plan" and the outlook for oil prices and production. Pickens, 80, unveiled a national energy plan last month that relies on domestically produced natural gas and wind power to cut U.S. dependence on foreign oil.

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Pickens

00:00 Tax credits for wind-energy industry
01:30 Transmission challenges for wind power
03:46 Natural-gas prices and extraction technology
04:28 Outlook for oil production and prices
06:07 Consolidation within the oil industry
Running time 06:35

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Source:
Pickens Expects Oil to Return to Record by End of 2008
Bloomberg, August 27, 2008 18:42 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=arkJ2WMHUp08

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What's been said:

Discussions found on the web:
  1. diana commented on Sep 1

    Hi Barry, will you consider this US dollar negative? I wonder what your views are on the relation between the rising price of oil and the US dollar and other currencies?

  2. Michael Fowke commented on Sep 1

    Wind power is a joke. How much longer are we going to tolerate these Green lunatics?

  3. Mark E Hoffer commented on Sep 3

    T. Boone is right about using CNG for fueling our transportation rolling stock.

    We have tremendous reserves of Natural Gas throughout the lower 48, to say nothing of Alaska.

    from a trade group:
    http://www.cngnow.com/EN-US/Pages/default.aspx

    the only real obstacle to letting this tehnology loose, in the wild, is finding a replacement for the Petro$

  4. Mark E Hoffer commented on Sep 3

    O, and better than Wind:

    “Geothermal / GeoExchange┬« heating and cooling uses the relatively constant temperature of the earth to heat and cool homes and businesses with 40% to 70% less energy than conventional systems. While conventional furnaces and boilers burn a fuel to generate heat, geothermal heat pumps use electricity to simply move heat from the earth into buildings, allowing much higher efficiencies. The most efficient fuel-burning heater can reach efficiencies around 95%, but a geothermal heat pump can move up to 4 units of heat for every unit of electricity needed to power the system, resulting in a practical equivalence of over 400% efficiency. To learn more about GeoExchange, select a topic from the GeoExchange Explained menu above.
    http://www.geoexchange.org/index.php

    this, too, is well-proven technology many decades old

  5. constantnormal commented on Sep 3

    Will other commodities follow oil back up, or is the economy too busted to support such a move?

    The general Inter-Connectedness of All Things would seem to dictate that the death of commodities has been greatly exaggerated, if Pickens’ predictions hold true.

    I think we will have to see utility rates go through the roof before we will be able to shake loose sufficient capital to start a serious effort at getting the nation off oil. In some places, this is happening now, but generally, not so much (yet).

    And where will the money come from? We seem to be putting all our eggs into the save-the-financial-industry basket, with little likelihood of returning to the credit markets to fund the infrastructure improvements (additional transmission towers & lines) and power generation facilities (wind, solar thermal, geothermal, nuclear) necessary to make this move, even though it looks like it will be less capital-intensive than bailing out less-than-deserving banks and brokers.

    There’s a signpost in the road up ahead … we are entering the Twilight Zone.

  6. NOah commented on Sep 3

    T Boone has been wrong plenty of times so far in the past year. He was short oil at $98, Long at $115, on the way UP TO $145.

    Then on way down, he was LONG at $125, no we are at $108. His short term bets are pretty off. Not that I have anything against the oil man

  7. Tom commented on Sep 3

    T. Boone Pickens: the money behind the Swift Boat bums.

    Thanks for all your help in ruining the country T.!

  8. Innocent Bystander commented on Sep 3

    T Boone made Billions, with a B in the runup from $60 to $100, so he had his bona fides. What does the ticket of John Kerry and John Edwards have?

  9. Pool Shark commented on Sep 3

    “What does the ticket of John Kerry and John Edwards have?”

    An illegitimate child and a lying Vice Presidential candidate?

  10. Craig commented on Sep 3

    T Boone is beginning to sound like a rambling geriatric. He’s been dead wrong plenty of times on oil this past year – –

    Oil at a new record by year end 2008? Not unless WW3 starts. Oil is likely to be at $85/barrel by end of 2008. The charts are broken – all the momentum is gone – – and THAT is what drove the prices in the first place.

  11. Joe Klein’s conscience commented on Sep 3

    An illegitimate child and a lying Vice Presidential candidate?

    Does he? We know that Palin is a liar.

  12. Joe Klein’s conscience commented on Sep 3

    An illegitimate child and a lying Vice Presidential candidate?

    Does he? We know that Palin is a liar.

  13. Joe Klein’s conscience commented on Sep 3

    An illegitimate child and a lying Vice Presidential candidate?

    Does he? We know that Palin is a liar.

  14. Joe Klein’s conscience commented on Sep 3

    An illegitimate child and a lying Vice Presidential candidate?

    Does he? We know that Palin is a liar.

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