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FIRST ON CNBC: CNBC TRANSCRIPT: T. BOONE PICKENS, BP CAPITAL FOUNDER & CHAIRMAN, ON CNBC'S "SQUAWK BOX" TODAY

QUINTANILLA: WE'VE BEEN SPEAKING FOR THE LAST HOUR WITH T. BOONE PICKENS THE CHAIRMAN OF BP CAPITAL FOUNDER OF THE PICKENS PLAN FOR ENERGY INDEPENDENCE WHICH IS ABOUT A YEAR OLD AND BEFORE YOU GO BOONE IN JUNE ON THE 17TH YOU WERE IN CALGARY AND YOU SAID THAT OIL PRICES WOULD AVERAGE 80-85 IN THE COMING YEAR AS SOME OF THESE INVENTORIES COME DOWN DO YOU STILL FEEL THE SAME WAY?

PICKENS: 80-85 IN 2010

QUINTANILLA: IN 2010

PICKENS:I SAID YOU'D BE 75 BY THE END OF THE YEAR

QUINTANILLA: 75 BY THE END OF THE YEAR

PICKENS: ON MY WIFE'S BIRTHDAY ON THIS PROGRAM MARCH 5TH YOU SAID GIVE US A PREDICTION DO YOU REMEMBER WHAT IT WAS

QUICK: MARCH 5TH

PICKENS: AND OIL WAS 42.25 I SAID 60 BEFORE 40

QUICK: YOU DID

PICKENS: I DID SAY THAT AND I HAD TWO TELEPHONE CALLS THAT YOU LOST YOUR MIND AGAIN AND I DIDN'T LOSE MY MIND AGAIN BUT WE'RE GOING TO SEE 75 BUT SOMEBODY SAID HOW DO YOU KNOW ITS 75 I SAID I LOOK AT THE GUY THAT HAS THE OIL YOU LOOK AT NIAMI MINISTER OF ENERGY FOR SAUDIS HE SAYS WE'VE GOT TO HAVE 75 BY THE END OF THE YEAR I WAIT TWO WEEKS AND SAY IT WILL BE 75 BY THE END OF THE YEAR OH WHAT A PREDICTION I JUST REPEATED WHAT THE OTHER GUY SAID

KERNEN: THOSE GUYS IN THE PAST SAID THEY GOT STUCK WITH 10 DOLLAR OIL FOR 5 YEARS THAT THEY DIDN'T WANT THOUGH BOONE THEY CAN'T DO EVERYTHING RIGHT?

PICKENS: WELL THIS ONE THEY CAN THEY'RE MUCH BETTER AT ADJUSTMENTS BECAUSE ITS GETTING TIGHTER AND TIGHTER WHEN YOU HAVE A GLOBAL ECONOMIC RECOVERY YOU'RE GOING TO RUN OUT OF OIL REAL QUICK IT'S WHAT'S GOING TO HAPPEN WHEN

KERNEN: WE JUST FOUND OUT THAT THAT'S NOT COMING FOR 10 YEARS FROM DAVID ROSEN

PICKENS: OK WELL 10 YEARS THEN I WILL BE 91 BY THEN

KERNEN: THERE WAS A TIME WHEN YOU THOUGHT WE'D NEVER I THINK NATURAL GAS WAS 13 YOU NEVER THOUGHT IT'D GO BELOW 10 AGAIN, RIGHT

PICKENS: I NEVER SAID THAT

KERNEN: OUR VIEWERS ARE LYING THEN ARE YOU SURPRISED THAT IT CAME ALL THE WAY BACK DOWN TO WHERE IT IS

PICKENS: NO BECAUSE YOU WENT INTO OVER SUPPLY YOU'VE GOT SO MUCH GAS THAT YOU'RE OVERWHELMING WHAT A TIME TO MAKE THE SWITCH THAT WE NEED TO MAKE TO SAVE US

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QUICK: SO WHAT'S HAPPENED SINCE YOU ROLLED THIS WHOLE PLAN OUT IT'S BEEN QUITE A PROCESS

PICKENS: IT'S BEEN 12 MONTHS TOMORROW AND ON THE 7TH OF JULY LAST YEAR AT DINNER WITH MY GUYS I SAID FELLOWS WE HAVE A WINNING HAND WE HAVE BEEN GIVEN A DECK OF CARDS WITH 53 CARDS IN IT AND WE HAVE REMOVED THE WINNING HAND AND PITCHED CARDS BACK ON THE TABLE AND THEY SAID WHAT ARE YOU TALKING ABOUT AND I SAID WE REMOVED THE TRUMP CARD WE ONLY HAVE 1 RESOURCE THAT WILL REDUCE FOREIGN OIL ONLY ONE NATURAL GAS AND I SAID WE'VE TAKEN THAT OUT OF THE DECK AND NOW WE CAN FOOL WITH THE DECK WHAT'S HAPPENED IN A YEAR NO OTHER PLAN IT IS THE ONLY PLAN TODAY JUST LIKE IT WAS A YEAR ABO NO OTHER PLAN

OK WHAT WE HAD IN THAT PERIOD 6 MONTHS IT WAS DURING THE CAMPAIGN IF YOU RECALL HAD MEETINS WITH THE THEN SENATOR OBAMA AND SENATOR MCCAIN AND GOOD MEETINGS AN HOUR EACH TIME I THINK I EXPLAINED THE CASE PRETTY WELL OK THEN WE HAVE AN ELECTION AND NOW WE HAVE PRESIDENT OBAMA AND WE'VE HAD 6 MONTHS WE NOW HAVE IN PLACE WE PICKED UP ON THE FIRST PART OF OUR DEAL WHICH WAS THE RENEWABLES WIND SOLAR AND THE GRID THOSE ARE IN THE CLIMATE BILL AND THEN WE HAVE 1835 WHICH IS THE HR1835 THE HOUSE BILL AND THAT'S THE NATURAL GAS 1 FOR TRANSPORTATION THAT'S WHEN WE GO ON THE HEAVY DUTY TRUCKS AND THEN TOMORROW 1835 WILL BE ANNOUNCED IN THE SENATE WITH MAJORITY LEADER REED AND MENENDEZ AND I BELIEVE SENATOR PRIOR AND I'LL BE AT THAT MEETING TOMORROW IN WASHINGTON SO I DON'T SEE HOW YOU CAN DO ANY BETTER THAN WE HAVE DONE WE'RE MOVING FAST AND I THINK BY THE END OF THE YEAR WE WILL HAVE A PLAN FOR AMERICA WE'LL HAVE AN ENERGY PLAN THAT WILL WORK AND WE WILL GET OFF OF FOREIGN OIL AT SOME TIME IN THE FUTURE

QUICK: HOW CLOSELY IS IT GOING TO RESEMBLE THE PICKENS PLAN WILL YOU BE ABLE TO GET TO THE POINTS THAT YOU LAID OUT FOR US A YEAR AGO?

PICKENS: YES NOTHING HAS CHANGED EVERYTHING HAS BEEN LOOKED AT AS WE MOVED FORWARD HAS BEEN ACCEPTED WEE SAID DO A MODEL ON 1835 WE SAID DO 350,000 HEAVY DUTY TRUCKS AND THEY REMOVED 350,000 AND WILL TAKE EVERYTHING AND SO THAT WAS A GOOD PLUS.





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