In Case You Missed It: T. Boone Pickens On Oil
Legendary oilman T. Boone Pickens is sounding the alarm about the dire consequences of America’s
dependence on foreign oil. Appearing on CNBC’s “Squawk Box” yesterday, he said half a trillion dollars of
America’s wealth is being plundered by foreign oil suppliers every year.
“You take 10 years and you’ve got $5 trillion,” said Pickens. “That’s more than $1 billion a day. We can’t stand
that.” He argued that the country faces a potential financial disaster if we don’t reform our energy policy.
Pickens used to oppose ethanol, but now supports increasing production. He summarized his new position this way: “I’d rather have ethanol, and recirculate the money in the country, than to have it go out the back door on us.”
Source:
“Pickens: U.S. Faces Disaster over Oil Wealth Exodus,” NewsMax MoneyNews, February 21, 2008.
