Boone Pickens on CNBC this a.m.
US natural gas sells for $3.00.
Mideast buys natural gas for $16 - $18.
Unrelated, Kernan/CNBC just used my favorite phrase: "You can't make this stuff up."
Boone Pickens and I feel the same about Steven Chu.
Comes down hard, very hard on Obama and the Keystone XL project ... the more Americans hear about the Keystone debacle, the more they will wonder about federal government thinking --- even Stephen Colbert is incredulous -- the US will send billions of dollars to the Mideast where they hate us, as Joe Kernan would say, and yet we snub out noses at Canada whenever given the chance ...
He thinks price of oil will be volatile in the near term (pullback likely) but will be higher next summer.
For those looking to buy shares of KOG, OAS, etc., one might want to wait for pullback in price of oil.
I wonder if the biggest under-reported story for 2011 will be the ----ooooooo --- price of oil just went green ---- decision by the US govt to allow natural gas to be exported and sold overseas. For investors in companies with heavy natural gas portfolios, think what $3.00 natural gas in the US means for those companies if natural gas is sold overseas for $16.
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