Friday, August 8, 2008

T. Boone Pickens - CNBC 8/08/08 Natural Gas - Oil

This morning Boone Pickens was on CNBC talking about his website for reducing our dependency on foreign oil.

T. Boone Pickens has been saying he wants to convince congress that we should switch to Natural Gas as transportation fuel like Gazprom is doing in Europe. Iran is actually switching over to Natural Gas fuel while exporting Oil. Boone Pickens says now is the time....and we need to get this underway soon so in five years we can rely on Natural Gas rather then oil for transportation fuel. ( If you are not aware, Oil is used to produce Gasoline that runs your cars )
This would bode well for the Haynesville shale and the Companies that are drilling this shale

Boone Pickens Oil Prediction - $4 gasoline is to much...demand destruction has come....its going on all over the world especially Europe. Gasoline goes back to $3.50, and then the trend starts back higher again. ( The same thing for Oil )

Boone Pickens is still long Oil through options....he still thinks we can go lower but eventually we will move back higher in oil prices.