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Pickens: Washington Needs to Wake Up to US' Energy Potential

Wednesday, 24 Aug 2011 | 6:39 PM ET
T. Boone Pickens Talks Energy
T. Boone Pickens speaks to Mad Money host Jim Cramer about alternative energy sources.

The U.S. could soon solve its "OPEC problem," billionaire energy investor T. Boone Pickens said Wednesday, if only Washington understood the magnitude of the country's resources.

"We need to understand resources in America are abundant," Pickens said. "All we have to do is have a plan. We have no plan. We've never had an energy plan in America."

Pickens spoke with Cramer on a special episode of "Mad Money," which was broadcast from North Dakota. The state currently produces more than 400,000 barrels of oil a day by way of a public-private partnership. U.S. lawmakers could implement a similar plan, but Pickens doesn't think they understand just how much oil North Dakota and other states have, much less comprehend how much oil is being produced.

Pickens remains optimistic, though. He thinks the U.S. House could pass the Natural Gas Act (HR 1390) this year. If signed into law, it would give subsidies for manufacturers to produce natural gas-powered vehicles over the next five years.

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