T. Boone Pickens: Politicians Squandering America’s Energy Future
According to T. Boone Pickens, the only thing standing between America and energy independence is political squabbling in Washington.
“Nothing POs me like this does,” said an irate Pickens on CNBC’s Fast Money Halftime Report. “It’s easy to see but Washington refuses to understand.”
“Never in the history of mankind has there been such a transfer of wealth as there has been from the United States to the Middle East!”
Pickens thinks that's wrong. He believes the money the US spends on energy should be making its own citizens wealthy – not those of foreign nations.
And he believes that’s easily done by leveraging the vast natural gas deposits in and around our nation and then making nat gas a transportation fuel. “We have the resources in America to do it,” he said.
In fact, Pickens thinks the only reason the nation hasn’t made greater strides is because of politicians intent on advancing special interests. “I’ve had Senators tell me we don’t want to pick winners. I say, ok, but if you don’t pick nat gas, then you’ve picked OPEC! ”
“I get really upset,” he added. “It really does PO me that we can’t get something done as obvious as this is.”
And Pickens says, it's a win, win. For drivers, the cost of nat gas will make operating vehicles less expensive. And for energy producers the added demand will put a floor under nat gas prices.
And to the argument that nat gas prices are falling too sharply for companies to reliably turn profits, Pickens adds, "By next summer, I think nat gas trades around 3. I think we’ve bottomed out.”
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Posted by CNBC's Lee Brodie
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Trader disclosure: On June 12, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Joe Terranova is long VRTS; Joe Terranova is long MCD; Joe Terranova is long PNC; Joe Terranova is long USB; Joe Terranova is long TCBI; Joe Terranova is long SBUX; Joe Terranova is long WMB; Joe Terranova is long SJM; Joe Terranova is long UPL; Joe Terranova is long WFM; Joe Terranova is long SNDK; Joe Terranova is long IBM; Joe Terranova is long HYG; Joe Terranova is long AAPL; Joe Terranova is long EMC; Joe Terranova is long NXPI; Joe Terranova is long LPX; Joe Terranova is long CNX; Jon Najarian is long SPPI
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