Wednesday, February 15, 2012

T Boone Pickens -- CNBC -- February 15, 2012

Bottom line for this short interview: US industry is literally blessed to have such cheap energy (natural gas) but price difference between US oil and Brent will eventually narrow.  T Boone couldn't be more clear that US manufacturing has huge advantage vis a vis the rest of the world, especially in energy-intensive industries.

Video with CNBC / T Boone Pickens -- 

US -- Bakken -- cheapest oil in the world at $70/bbl -- compare with North Sea; compare with Brent

US -- natural gas also cheapest in US; $2.50 in US; $13 - $16 overseas

Cheap energy in US is great for US manufacturers.

[Some time ago I wrote that US industry coming back to the US due to low energy for which "anonymous" said I was wrong; nice to see T. Boone pick up on this.]

CNBC: "Are you saying we can't drill our way out of this!" T Boone seems astounded this question would be asked. Someone at CNBC is not getting this.

Keystone XL: temporary politics, or really halted? Not declaring disaster; we'll be stupid if we don't take Canadian oil; otherwise will go to China.

US has just left Iraq. We have no control over where Iraqi oil will go.

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