T. Boone Pickens, my favorite Texan oil billionaire, was speaking at the American Wind Energy Association conference in Houston.
Commenting on the CFTC (Commodity Futures Trading Commission) probe of possible speculator induced or manipulated price increases, T. Boone says they’re wasting their time.
Pickens claims that 86.4 million barrels per day of demand coupled with 85 million barrels per day of supply is going to result in higher prices until some of the demand is curtailed. He didn’t use the term peak oil that I know of, but I wouldn’t be a bit surprised if he thinks that peak oil is a component of the limited supply.
His solution to high gas prices in the United States is natural gas. He says that getting natural gas in competition with gasoline and diesel fuel for transportation is the only way out for this country.
Pickens has been back in the news recently due to his Mesa Power LLP ordering 667 wind turbines from General Electric for their largest in the world wind farm, a $10 billion dollar project capable of producing around 4000 megawatts of power. That will provide enough energy for about 1.2 million average homes.
He thinks wind power could provide up to 20 percent of our power within 20 years.
Oh, by the way, T. Boone Pickens reiterated his prediction of $150 per barrel oil by the end of 2008.
Once upon a time I invested in Mesa Petroleum; I don’t believe there are any openings for the average investor in Mesa Power.
One way for you to potentially profit from peak oil is to subscribe to Casey Energy Speculator and invest accordingly.
Always do your own due diligence.