US Needs to Develop Its Own Energy: Pickens

The U.S. needs to do a better job of developing its own natural resources to help improve sluggish economic growth, T. Boone Pickens, founder of BP Capital, told CNBC’s “Street Signs” on Thursday.

Boone T. Pickens
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Boone T. Pickens

“We’ve got to do something about our debt in this country, but the way to come back and get the country going economically is get on your own resources,” Pickens said. “And we have resources to get on.” (Related: How U.S. Can Avert Fiscal Cliff).

He added that “Countries around the world that are on their own resources are doing very well.”

Nonetheless, he’s been disappointed that neither of the presidential candidates have put out their own energy plans and that Congress hasn’t done more.

While complete energy independence may be hard to achieve, Pickens said the way to manage that is to put the U.S., Canada and Mexico in a North American energy alliance. That would help the U.S. get off OPEC oil, Pickens said.

U.S. energy prices, which Pickens noted are cheapest in the world, will rise by year-end. “Natural gas no question has gotten very cheap which has hurt coal,” he said. “That will change in the near future.”

He expects natural gasto reach $4 while West Texas Intermediate crude reaches $100 a barrel. Pickens noted that natural gas prices in Asia and Europe are in the mid-teens.