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T. Boone Pickens Points The Finger At U.S Shale

March 26, 2015

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.

…click on the above link to read the rest of the article…

 

T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge

December 23, 2014

T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge.

Narrative, we have a problem! No lesser oil-man than T. Boone Pickens made quite an appearance on CNBC this morning – stunning the cheerleaders into first defense then silence as he broke the facts on oil’s collapse to them. Oil is down “mainly due to weak demand,” he explains… the anchors deny, “I am the expert, not you” Pickens rages as he warns drilling rigs will be laid down on a very wide scale (just as we have noted previously). Arguing over ‘peak oil’, he calls CNBC chatter “bullshit” and laid out a rather dismal short- to medium-term outlook for the oil & gas sector – not what the cheerleading tax-cut slurping media narrative wants to hear at all…

“demand is down” – “lower demand is the main driver” – “rig count is gonna fall – drop 500 rigs in next 6-9 months”

Capex cuts coming… oil prices may be back at $90-100 Brent in 12-18 months but not without rig counts plunging.

At 4:15 Pickens starts to discuss Peak Oil… enjoy –

CNBC: “Peak Oil didn’t happen” ..

Pickens: “that’s all bullshit… I am the expert not you” CNBC: “well you’re not much of an expert if you thought Peak Oil happened”

…click on the above link to read the rest of the article…

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