Tags: Pickens | OPEC | oil | US

T. Boone Pickens: OPEC Is Down, Now Let's Finish Them Off

By    |   Friday, 19 Dec 2014 10:14 AM

Energy billionaire T. Boone Pickens says the United States should take advantage of the global oil price plunge to kill OPEC off once and for all.

In a LinkedIn Pulse post that displays his flair for the jugular in a cutthroat industry, Pickens said that now that the U.S. has swelled its own production while slashing Middle East imports, it's time to finish the job.

"My big idea for 2015? Let's cut OPEC out of the picture completely. Let's end our dependence on Middle Eastern oil. Let's stop the largest transfer of wealth in history by getting on our own resources and relying on allies like Canada and Mexico, not enemies like OPEC," wrote the chairman and CEO of BP Capital, who once rough necked on an oil rig before climbing to the top rungs of the energy heap.

Pickens said that if America ceases imports from OPEC, it would boost the economy and jobs while helping the U.S. balance of trade.

"I can understand why OPEC is against this. The members of that cartel love getting billions of dollars from us every month. Guess who funds their social programs? We do. Guess who builds their infrastructure? We do. Guess who is paying for both sides on the War against Terrorism? You and me!"

Pickens said U.S. use of OPEC oil is simply unhealthy.

"All it would take to end our dangerous addiction to OPEC oil would be to get America the energy plan it deserves. It's that simple. Let's finish OPEC off."

Based on new analysis, the U.S. may need to use more of its own energy production just to contain the domestic damage from plunging oil prices.

Some big production companies like Pioneer Natural Resources and Noble Energy did not buy enough insurance protection against prices falling this low, and could now face a cash squeeze, Bloomberg reported.

Energy ministers from Canada, the U.S. and Mexico huddled together this week to lay out plans for more cooperation, as well as the integration of electric grids and energy data, according to The Christian Science Monitor.

It was their first meeting in seven years, and "a sign of North America's growing importance in the oil market," The Monitor said.

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Energy billionaire T. Boone Pickens says the United States should take advantage of the global oil price plunge to kill OPEC off once and for all.
Pickens, OPEC, oil, US
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2014-14-19
Friday, 19 Dec 2014 10:14 AM
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