Slagle I don't see how you can be a super intelligent person in OIL and not see the energy forest - I don't buy it. If Pickens is the oil expert he claims, and knows all about these wells running dry and about to fail and global demand and supply issues coming - I believe that he has thought heavily about the next thing. He does manage a lot of money for investors no? I see ads all the time on CNBC of these oil companies investing in alternative technology and I already posted how shell was trying to get into this stuff in a big way for a long time now. Even Mulan comments they buy up all the technologies that compete with OIL and shelve it.
Buffet has said about Bill Gates, even if he was in the hot dog business bill gates would have the top hot dog business in the world. Bill Gates has spoke many times about open source software - the threat to his profit stream - just like I know if Pickens is the expert he claims he is looking beyond OIL if he really believes we haved peaked. There is no way Pickens can claim oil is coming to a dead end and not have research into the new investments he will have to move his clients money into.
Grumman Aircraft - I have not seen them on CNBC being touted as one of the top energy investors in the world like Pickens.
I remembered MQURICE and his constant orgasms of GOOG and went to the brain for more knowledge.
google.com
forbes.com
Pickens discusses alternatives to oil as an energy sources.
Pickens talks about the reality of supply concerns.
Pickens tells why we won't be able to fall back on Russian oil supplies.
Pickens talks about the challenge in building alternative energy sources.
Pickens explains why the oil industry isn't paying dividends, despite its billions.
BOONE talks about Matt Simmons and shale oil, NG, germany and wind
eere.energy.gov
peakoil.net
Speaking of the various alternative fuels, he stated, "I don't think any of them can miss. I think some will be further out than others. Hydrogen, I think, is going to take a long time". Speaking before an audience with vested interests in ethanol, biodiesel, propane and compressed natural gas as transportation fuels, he added that he believes all the alternatives will work.
"We're going to have to use shale oil the western slope of the Rockies. That's going to happen. The technology is just about here", he noted, adding that he blames both Republican and Democratic administrations for not engaging in long term planning to meet the nation's future energy needs.
"It's all getting very, very tight. We're just about there. The sixty percent we import now (of petroleum), is about all we can get from the countries that export". He cited the example of Venezuela where its "screwball" leader, Hugo Chavez has pledged to not sell any additional oil to the United States.
"The majors, they talk about plenty of oil and that they can produce more, but if you look at ExxonMobile, ChevronTexaco, BP (British Petroleum), all the production (is) going down every year. They don't replace and they don't add to production, but they say there's plenty of oil around.
"Now why would they say that? One of the chief economists with one of the major oil companies... I was at a conference where he was... we were talking and I asked, why do they say that? And he said, can you imagine what would happen if one of these major oil company's CEO's got up and made a speech and he said, 'We're running out of oil'? I said there'd be panic and he said, 'That's right. They're not going to make the statement. They're going to say there's plenty of oil around'".
"I know that sounds rather simple, but that's the best answer I've had... why they keep saying that there's plenty of oil around. I can't tell you positive, but I am just so sure that we have peaked and from here on the demand side that we are going to have a hard time making the trip on fuel. I know demand will come down with price. That will happen".
He answered several audience questions and predicted that if the summer is hot in the Southeast that natural gas prices will go to $10. "Natural gas is in decline", he stated, concluding that eventually the market will sort out the winners and losers".
After his remarks, EV World asked Mr. Pickens if he agrees with Houston-based investment banker Matthew Simmons that Saudi Arabia's oil fields may be on the verge of decline and he replied that he did agree him.
If Pickens and Simmons are correct, then Crown Prince Abdullah's promises to raise production over the next ten years to 15 million barrels a day may be just wishful thinking, in which case, Saudi Arabia's role as swing producer and oil price stabilizer may be a thing of the past. Oil prices will begin to experience unprecedented volatility, which is likely to place serious stresses on a world largely unprepared for the end of cheap fossil fuels. The road from here on will be a bumpy one. |
