T. Boone Pickens Points The Finger At U.S Shale
So what do you do when you believe devoutly in hydraulic fracking but also understand that too much fracking is responsible for an oil glut that’s hammering the price of oil like a pile-driver?
If you’re legendary Texas oil billionaire T. Boone Pickens, you call for a time out. But you don’t cloak that call trying to make excuses for the controversial oil-extraction process, which injects water and chemicals into underground rock to free fossil fuels trapped within. You simply stick to the financial facts of the case.
That’s why Pickens was speaking so positively about fracking on March 23 in Monterey, Calif., at a panel discussion hosted by the Panetta Institute, named for Leon Panetta, the former White House chief of staff, CIA director and defense secretary.
Related: No Surprises: Obama’s Fracking Rules Upset Everyone
“I’ve fracked over a thousand wells,” said Pickens, chairman of BP Capital Management. “I’ve never had a failure on one of them. … Texas, Oklahoma lead in fracking wells and it has been a great success for both those states.”
There was pushback, though, from Steven Chu, President Obama’s former energy secretary, and Carol Browner, who ran the Environmental Protection Agency (EPA) under President Bill Clinton and was Obama’s director of energy and climate change policy.
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