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Pickens: Nat Gas Is the Way Off OPEC Oil

Few people have better insights on the future of energy than T Boone Pickens. And he’s not happy right now.

We caught up with Pickens at the National Clean Energy Summit in Las Vegas and spoke with him about the prospects of solar and wind.

He told us that neither form of energy makes financial sense until nat gas gets above $6. Although he has projects under construction he’s doesn’t see the US making huge inroads in these areas.

”We’re in a weak economy,” adds Anthony Scaramucci of Skybridge. “The administration isn’t going to do anything until we have a stronger economy.

Speaking of the administration, Pickens is less than thrilled with President Obama. “I was very hopeful when President Obama accepted the nomination back in 2008 and said in 10 years we will not import any oil from the Mideast. But 2 years have passed and he’s never mentioned it again.”

Pickens believes the way off OPEC oil is by tapping into our nation’s vast reserves of nat gas.

“We’ve got plenty of natural gas; 3 times as much nat gas as the Saudi’s have oil.”

And there’s perhaps another incentive far greater than financial.

“If you want to slowdown the Taliban the way to do it is slow down the purchase of OPEC oil because a lot of that money goes into the hands of the Taliban,” Pickens says.

* Check out our entire conversation with T Boone Pickens in the video clip above.


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Trader disclosure: On September 7th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour owns (AAPL), (BAC), (INTC), (MON), (POT); Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Cortes owns (SFD), (BMO), (TD), (FCX), (BHP); Cortes owns the British Pound; Finerman and Finerman’s firm owns (BAC); Finerman owns (GOOG); Finerman’s firm owns (HPQ); Finerman’s firm owns (IBM); Finerman and Finerman’s firm owns (JPM); Finerman owns (ORCL); Finerman owns (POT) options; Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts

For Anthony Scaramucci
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